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Strategies & Market Trends : YEEHAW CANDIDATES
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To: Sergio H who wrote (701)12/16/2002 5:11:58 PM
From: Crossy  Read Replies (1) of 23958
 
Hi Sergio & all,
IPSU (Imperial Sugar) storming ahead - today closing at $5
I predict a move to another exchange soon. Also found out an interesting tidbit: IPSU sold around $150m in asets recently (Wyoming & Montana operations to cooperative plus DCB to Hormel). From an earlier transaction (think it was Michigan Sugar) they are still to receive around $20m. Now its property & equipment item in their most recent balance sheet ist just $210m for the WHOLE company. I also found (on Yahoo Hormel Foods board) that the DCB subsidiary (where IPSU will retain the sugar brands !) is sold for $115m but has annual sales of $160-170m (including sweet brands). This means that the remainder of IPSU is still a BILLION-$ revenue company. The close proximity of asset sales (I guess less than 30% of their asset base) and total equipment & property balance sheet item leads me to the conclusion that we will get a significant increase to book value through the announced transactions, most likely resulting not only in elimination of high-yield longterm debt but also an increase in book value from currently $11 per share to at least $14 per share - maybe even more. Looks like good value to be unlocked. No wonder the shares are zooming ahead..

rgrds
CROSSY
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