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  • Cape Lambert Resources Receives A$0.37/Share Price Target 0 comments
    Jul 15, 2014 9:20 PM

    Cape Lambert Resources (ASX:CFE) has received a positive research note from Australian broker CANACCORD Genuity which placed a Speculative Buy recommendation and a Target Price of A$0.37 a share.

    In summary, the broker said, Cape Lambert Resources has announced it has negotiated a settlement to receive $50m (plus interest) arising from its legal dispute with Metallurgical Corporation of China (NYSE:MCC).

    After receiving the payment, CFE will have cash on hand of approximately A$70m (11cps), $22m in listed securities (3.5cps) and receivables of $7m (1cps) for a total of 15.5cps.

    The Board of CFE has scheduled a meeting within the next two weeks to approve disbursal of the funds via a dividend or capital return.

    Beyond the cash settlement we still see value locked within CFE which still has the potential to return multiples of its market capitalisation.

    We maintain our SPECULATIVE BUY rating.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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