The more interesting part of the report was the commentary around the HAL revaluation using a 21% discount rate (even though they are lending money to hal at 15%), suggesting that the valuation is conservative.
Re PFG they have bot ha put and call option.
The expectation would be potential revaluation to the upside on both HAL and PFG.
So the 33% discount to NTA is probably an even greater discount in reality.
No wonder Sandon Capital have taken a stake.
Gordon Capital Research, page-2
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96.0¢ |
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Mkt cap ! $191.1M | |||
| Open | High | Low | Value | Volume |
| 98.0¢ | 98.0¢ | 96.0¢ | $97.83K | 100.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 16295 | 96.0¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 98.0¢ | 2000 | 1 |
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