Thanks JP. Ah, they have released the updated financials of course! I think a much, much better investment would be to buy back shares of CRG. :) I've taken the liberty to provide some details. Murray John is on the African BOD.
"SUBSEQUENT EVENTS
Subsequent to year end, in February, 2011, the Company provided US$5,000,000 as part of a US$417.7
million senior secured non-revolving credit facility (the “Term Facility”) to African Minerals Limited
(“African Minerals”). African Minerals, with an approximate market capitalization of $2.8 billion at the
time of closing of the transaction, is listed on the London Stock Exchange’s AIM market, and is developing
the Tonkolili iron ore project in Sierra Leone. The term facility is due two years from closing. Interest will
be paid monthly at an annual rate of 12.1% (compound). If the Term Facility is outstanding at the first
anniversary of closing, 3% of the outstanding loan balance is payable as a bonus. As well the Company has
received 125,000 share purchase warrants of African Minerals with an exercise price of GBP 4.25 with a
five year term, as well as US$200,000 worth of African Minerals common shares with each common share
to be valued at GBP 4.50 (the Company received 28,111 shares of African Minerals on closing)."
Also they earned $6.6m in income Plus had $21.5m in unrealized gains this year as the company came alive - at least on a liquidation basis - on ending year 18.842 million shares. Total comprehensive income Based on that year ending share count you would get $.35 per share or $1.25/$.35 = 3.6 PE. No need to calculate the comprehensive income per share as you can't expect greater than $1 per share to be repeated in the following year and it would be too maddening given the share price.
"STATEMENTS OF COMPREHENSIVE INCOME
Years Ended December 31,
[Expressed in Canadian Dollars]
2010 2009
$ $
Net income [loss] for the year 6,681,767 (445,001)
Other comprehensive income
Unrealized gain from long-term investments [net of tax of $3,120,967]
[2009 - $185,800] 21,554,953 1,302,241
Reclassification of net income from sale of long-term investments
[net of tax recovery of $6,661] [2009 - $nil] (46,625) -
Total comprehensive income 28,190,095 857,240
See accompanying notes " |
