I was able to get a hold of Pinetree today and resolve the VGIN issue. Unfortunately , the company does not own 1 Million shares of VGIN but have an interest of 1.8 million shares of Genevest inc (GENE.U) and Genevest holds 1.9 million shares of VGIN. GENE.u has 9.5 million shares outstanding which means that for every share of GENE.U you would indirectly hold 0.20 of VGIN. So therefore PNP has 1.8 million shares of GENE.U or aprox 360,000 indirect shares of VGIN.
I am deeply sorry for the misinformation and thank all you guys who PM'd me this weekend to try and clarify the issue.
I will use 350,000 VGIN figure and 10 million shares outstanding. Or would you prefer if I used the GENE.U listing to calculate NAV?
I will use purchase price on our private companies even though that may be severely
undervalued.
Private Companies
Softquad 35% interest = 1,250,000 (cost)
Visible Decision 40% int = 1,100,000 (cost)
Online Direct 2 % int. = 150,000 (cost)
WorldVacations.com 24% int. = ?????
Public Companies US
LUMM 1 ,000,000 shares @ $25 Us x 1.47 = 36,750,000 Cnd
VGIN 350,000 shares @ $31.50 Us x 1.47 = 16,206,750 Cnd
(Indirect holdings through our 18% interst in GENE.U)
Public companies Canadian
BFG.cndx 70,000 shares @ 9.70 = 679,000
ESL.T aprox 600,000 shares @ 6.70 = 4,020,000
MNTX 2,200,000 shares @ 1.25 = 2,750,000
NSII 4,000,000 shares @.40 = 1,600,000
ILX.cndx 500,000 shares @ 0.52 = 260,000
Total Book Value
Assets 64,765,750
Shares out. 10,000,000
Equals $6.48 share in Net Asset Value
Current trading price 3.05
Current shares trading at a 52.9% discount to book value
Again , i am very sorry to have caused any confusion. I am wondering whether I should consider posting daily NAV updates, any thoughts?
Vitalsigns
Vitalsigns |
