SSM bought Comdain Infrastructure in 2018 for an Enterprise Value of $161m comprising $93m cash and $68m of script at a script price of $1.69.
This gave the Coen family a 10% ownership interest in SSM and to protect their investment Tom Coen was appointed to the board of directors.
Now in Aug 2022, Comdain Nominees acting for the Comdain Trust, dump their entire holdings at a much lower price than $1.69. They want out, even at much lower prices. Now remember Tom Coen is on the board, he knows the company as an insider much better than Allan Grey would know as an external fund manager.
So why did the Comdain dump their entire holdings???? What do they know that we don't???
I am highly suspicious, and hence I am NOT buying the dip.
I will wait on the sidelines and watch how this company evolves, with my capital safely in my pocket.
SSM Price at posting:
65.5¢ Sentiment: None Disclosure: Not Held
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