Agree, I don’t think their asset is worth $3.70, but what I’m trying to imply is that there is a +$2 gap here in difference, that’s an anticipation that the asset is worth 56% less than book value. If you look at what they owned you could probably safely bet they can sell the lot at a pretty decent price.
I’m still holding as I think the dividend is quiet stable and they are not immediately in danger of breaking any debt covenants.
Thinking long term :p
mqg sub holder, page-11
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