So that infographic showing the $54.7M uncommitted NZOG funds made me snort into my coffee this morning. The information is completely true of course, but somewhat misleading in how it is represented.
They seem to be going to great pains to emphasise the fact that the financial statements are consolidated with Cue's this quarter (when they have not even mentioned that explicitly in the past...)
The fact that $35.5M of the available cash is earmarked for Ironbark (between Cue and NZOG) is somewhat irrelevant. That is still our money, which we choose to use for investment (in this case an exploration well in Australia).
So to present an infographic that suggests we only actually have $55M left is a nonsense.
The reality is, Cue hold $26M in cash. So we have to deduct approx half of that from the consolidated cash balance to get a better idea of how much cash NZOG holds.
By my math, $105M - $13M = $92M attributable to NZOG shareholders (56c/share in cash alone). Yes, we will spend millions drilling Ironbark in anticipation of the large upside - but let's not pretend the money doesn't exist and isn't ours.
The 62 cent offer is looking worse by the day imo.