|
I didn't calculate the book value, but with $15M in cash and a similar number of shares, $1 seems reasonable. The recent price decline was entirely due to the first 9 holes being essentially dry on the El Encanto property. Management is fine. My only complaint, which Mr. Henstridge is aware of (although he has told me directly that some of my comments are BS), is that small investors were made aware of results later than some professionals, i.e., I found out after the price went down. My comment is verified by an earlier post on this thread that mentioned what the results were before they were announced to the market. I asked Mr. Henstridge about this and he replied "no comment". If you are speculating on PVO based on the results from the next 20 holes, then watch out, because they might just reinforce the results of the first 9. If you have a more long term strategy, then that $15M war chest looks attractive: no further dilution, and lots of opportunity for newe properties. El Encanto isn't a dud yet by any means, but that's not my main reason for staying in. Regards, Robert. |
