It seems like the activist is gone, hence likely that the new purchaser would accept 1/10 at 13.5c. They would be silly if they didn't. I suspect the stock overhang is gone as Jim Craig (activist) who initiated these proceedings with the t/o panel is gone.
Let’s give Farooq and his clan the benefit of the doubt and they have paid out a lot of dividends over the last 12-24 months.
They have confirmed that going forward 1c per 6 months in dividend/capital return. Hence 2c p.a. gives a yield of 10% at 20c.
NTA is now closer to 29c, as MEO is on the up. Company has $6m in a diversified fund and $6-$7m in cash. At 19c/20c stock is a bargain.
This is one of the cheapest LIC's on the market.
Once the overhang thing is history, the NTA gap will surely have to rise close to its NTA. I think seeming this LIC is fairly simple with its investments (Cash, diversified fund & MEO) anything more than a 10-15% discount to NTA is unwarranted.
p.s. i bought yesterday and today.
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Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
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Price($) | Vol. | No. |
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1 | 57812 | 0.011 |
2 | 390999 | 0.010 |
2 | 155560 | 0.009 |
1 | 120000 | 0.008 |
Price($) | Vol. | No. |
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0.015 | 53759 | 1 |
0.016 | 1985 | 1 |
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