PAC is now extending the buyback 2 weeks. As of yest (the second last day to tender ie reasonably likely they have everyone in the book), only half the buyback taken up – ie only 25% of the company has tendered so far. Maybe none of the major shareholders (50% of register) have tendered? How exactly is this trading meaningfully below $12? NAV today is still $14 and if no major owners tender they will just buyback shares in the market above $12…I suppose. If they only get half the buyback done, close to half the residual NAV is net cash...and none of the major holders are sellers at $12. how exactly does it stay meaningfully below $12 for long?
And this disclosure makes it pretty clear that everyone who owns pre-record date and wants to tender will get a full fill, ie $12 plus the div, $12.15…so yes...the current price looks silly to me
PAC Price at posting:
$11.50 Sentiment: Buy Disclosure: Held
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