Allana potash (aaa.to)(lower capex , operating cost) was taken over by israeli chemicals for 157 million. Still, it was in Ethiopia . Perhaps favorable for transportation to India, China but still political risk vs Canada?
Then there is Western potash which has a similar grade and reserves( wpx.to) which mr market values today at 49 million and there is only 18 million in cash. Perhaps you can search compare something in the feasibility studies when you have time in the next few months that justifies the value management placed on the Karnalyte project of exactly 4 million salvage value. How about we give a value of 16 million Us instead for it.
(.59) per share. Let's also add the value of 32 million in capital losses. Don't know that much about Canadian tax losses (can't find their equivalent of irs 382) so let's just say 6 million to be consevative-.23 per share.
There is now only 32 million -us in Cash so still about 1.1 per share.
We have 1.1 +.59+.23= 1.92 and a stock market value of 62 cents.
Of course , I am entirely overlooking the discount factor that perhaps we are dealing with crooks. Perhaps Mr Phinney is also a crook who wants to loot the company and this is what Mr Market sees. Where is a small time Gordon Gecko or Carl Icahn? At least let's put Snowball on the case! Here is "management" that I can agree with him on?
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