Ann: URW SE - sales of stapled shares by SMT member, page-19

My personal view is that when you have a share price valuation so much lower than the NTA gravity is going to keep pulling them closer together as we progressively get closer to normality and they reduce their large debt with asset sales.

So as Europe gets COVID under control, a vaccine gets closer and even the small office sale above NTA during the week starts to bring the risk down a bit I'm really hoping for at least $8 here by June 30 (which would still be a large discount to current NTA).

But with weird crap going on (new strains of COVID, Trump openly canvassing options including a coup, Boris Johnson and Brexit, possible setbacks in virus efficacy) URW is still very vulnerable with that debt.

You'll notice 2 big director sales during the week, I can't believe they needed that much money so I'd expect it's a move by them to reduce risk and diversify so they obviously don't see things as a one way bet.

I really like the odds and I'm backing management to execute but I still haven't fully ruled out the possibility of this going to $0 and losing my entire investment on this one.