I did some rough calcs on the iii board, which you may find useful. Sorry for your pain, believe me, I know it.
They may be up for sale, but if they are, what are they worth?
Sept 31st 2P was 8.6mmbo Dec 31st upgrade to SW increased that by 600k to 9.2mmbo
Since Sept 31st, at 4500 bopd they've produced 670k, so back down to 8.6mmbo more or less.
Debt is $80m or so right now (could be less, given cost cutting measures and lack of drilling). MCap is $53m This gives an EV of $133m That's already valuing 2P of 8.6mmbls at $15 per barrel.
Who is going to realistically pay more than that?
So what does it matter is Max are up for sale? They're already valued at a decent sale price.
This doesn't mean that the share price can't shoot up, of course. However, people should be aware of the current situation before presuming it suddenly will. This is also valuing NUR-1 at $0 and future reserve increases at $0. Unless Max can raise funds somehow for NUR-1, that's not an unfair valuation. It might be worth a lot or cost Max a lot more money for nothing.
...general observation. I've been investing in AIM for years now and have invested in probably a dozen companies or so but have researched many more. Part of that was reading the bb's for those companies. One thing that strikes me is how many companies do badly but that there is ALWAYS a significant number of people on the board who just point-blank refuse to see it. Human pyschology I guess, a lot of people can't face the truth that a situation is as bad as it is. Just think on this then - most companies fail, but most bb's have people who think they will be a success. There's a massive disparity between what "should be" and "what is" with most bb's I find...
BoD plan is probably to sit there doing nothing whilst collecting huge pay cheques for the next few years. No point in buying shares it's not like they're going to be worth much more than current levels is it?
You just answered your own question. Directors being paid for doing nothing :-) so why then buy shares when the company isn't performing :-) it's a no brainer I suppose. That's why they haven't bought any as it keeps falling..
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