Thanks for the write-up. The company does look deeply undervalued on paper. My concern is that management controls all the voting rights and has shown little interest in looking after minority shareholders throughout its operating history.
Without any realistic path to unlocking the value of the underlying assets, the investment case essentially relies on finding someone willing to buy the stock at a higher price, rather than on the business itself delivering returns to shareholders.
Thanks for the write-up. The company does look deeply undervalued on paper. My concern is that management controls all the voting rights and has shown little interest in looking after minority shareholders throughout its operating history.
Without any realistic path to unlocking the value of the underlying assets, the investment case essentially relies on finding someone willing to buy the stock at a higher price, rather than on the business itself delivering returns to shareholders.
Gives plenty of time to accumulate a position tho ;)
I'm sold. Glad I can finally buy them now! Good write up. We think much alike!
Nice find, Noel!