RE: Results12 Aug 2015 12:43
A snapshot as at YE does make the SP look a bit bizarre. Not only is it trading below the cash balance, it's well below NAV even after taking into account the outstanding convertible bond and other debt. The results show a NAV of c.$350m or around £225m. Fair enough, it's pretty normal to trade below it, but to have a NAV at a 225% premium to SP must be strange surely.
However, when you take into account that they can post annual losses of over $90m (even if they say the bulk of that is 'one-off impairments'), you do have to question how long it would take to eat up those cash reserves (and how many more 'impairments' are out there to devalue the non-cash assets).
At this stage, I'd happily take a wind-up and sell off of assets (or a takeover) if that NAV is realistic rather than continue to hope for a platinum price recovery and a return to profitability.