Friday, January 13, 2017 8:46:07 PM
$1.50 per share?
Back of napkin math says $22.561 Million shareholders equity at 9/30 and then they sold another property for $2.400 Million net gain.
This give $24.961 Million shareholders equity.
Given that there is still 9.443 Million shares outstanding ...
The book value is $2.64/share.
I haven't posted much here, but as predicted management seems interested in their own.
Still carrying shares, but it's a slow process to get decent value.
I believe management will eventually raise offer to $2.00
Given that there is 9.443 Million shares outstanding, that means they would still make close to $6 Million.
And that's assuming that the market value of the rest of their portfolio is close to book. Given that the last 2 sales suggest they are undervalued, $6 Million would be on the low end.
Management wants to make out like bandits.
I suspect that this will go private during 2017 (2018 seems faint) and that management will retire happy.
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