Winter in the Great White North Message Board

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Strategies & Market Trends : Winter in the Great White North

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To: marcos who wrote (432)	4/30/2001 1:54:25 AM
From: marcos	Read Replies (1) of 8273

qbx.v - rough calculation of asset value in Cdn ... eight publicly-traded holdings - ca.finance.yahoo.com gni.v - 4.8m shs at 2.00 = 9.6m uph.v - 1.74m shs at 4.60 = 8m ema.amex - 657k at 4.20US = 4.1m [using 1.5xUS throughout] negy.otc-bb - 3m at 0.86US = 3.9m ca.finance.yahoo.com qbx.v - 2m at .47 = .94m <= yes, their own paper, bought back and not cancelled ltg.v - 6.7m at .12 = .8m nuc.v - 1m at .40 = .4m ubi.amex - 177k at .50US = .13m private dot.bomb holdings [at book value, i.e. cost] chalk.com - 812.5k, cost 2.4m musicplex.com - 2.225m, cost 4.5m Bird Canyon gas gathering system - 8.25m <= [netted ~.8m last year] cash - ~20m <= hard to figure out, due to not knowing the status of pn.amex shares and a debenture with uph.v at the end of the 31 Dec quarter, whether they were counted as cash or investments on the financials ... both positions have been unwound since [and the pn.amex may have been sold in Dec] ... a chap named pin on stockhouse figures maybe ~25m cash or more, and makes a good case for it, but i prefer to stick with the conservative figure until we know for sure. So - that all adds up to 63m ... i'm inclined to strike half the private dot.bomb stuff, so let's make it 60m ... there are a little less than 40m fully diluted shares, so it seems reasonable to figure that at ~.50 the stock is trading at near a 70% discount from NAV ... 'a little less than a third of value' ... now holding companies do tend to trade at a discount to value, but the discount fluctuates, and that's a deep one.

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