10 mill buy at 28c, page-2

Have a think about why one would do this, assuming it's him buying? He does know the mortgage industry well and is known for his opportunistic skills.

I have trouble believing, however, that it's because he thinks management are going to find capital gain opportunities to exploit. Nor that he likes the market. More likely, is that he thinks RRT will be liquidated. And if Book is around 90c, and suppose we take another 15% value and transaction hit, Kinghorn could expect to see RRT selling at around 75c. Remember there is the 'strategic review' underway. This would net him about a 38% gain on his current buy price, so if you knew it will be liquidated, it's a good gain for little risk.