Would you pay forty-one dollars for a bag of fifty-four one-dollar bills? Western Resources is the bag.
Western Resources as of December 31, 2017 had current assets of C$55,036,237 and total liabilities of only C$567,127. See page 3 of the FINANCIAL STATEMENTS at SEDAR:
Western Resources is split into Shares Outstanding of 93,437,110 and Stock Options Outstanding of 930,000. So the fully diluted shares would be 93,437,110 + 930,000 = 94,367,110:
So the current assets net of all liabilities per share would be (C$55,036,237 – C$567,127) / (94,367,110 shares) = C$0.5772. Current assets is a balance sheet account that represents the value of all assets that can reasonably expect to be converted into cash within one year:
Western Resources as of February 16, 2018 was selling for C$0.43 per share:
or (C$0.43 per share) x (94,367,110 shares) = C$40,557,857 for the whole company.
So C$40,557,857 gets you (C$55,036,237 – C$567,127) = C$54,569,110 cash net of liabilities.
BUT THAT’S NOT ALL! YOU ALSO GET . . .
a potash deposit determined by a feasibility study to be worth C$2.44 billion AFTER-TAX:
Do insiders own any shares? Yes, they do. The corporate presentation on page 3 shows that “Strategic Investors hold approx. 65.8% of the company’s outstanding shares”:
And Rio Tinto will be very cooperative: