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Strategies & Market Trends : Value Investing
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To: Madharry who wrote (26983)6/16/2007 4:15:41 AM
From: Madharry  Read Replies (3) of 78746
 
I listened to the conference call today on edv acquisition and was not thrilled to hear that acquistion will dillute bv as only $2.1MM of real assets will be acquired for $92MM in stock at sub $10 prices. The benefits to shareholders from the merger on the other hand are murky. only 60% of the new shares generated to managment will be lockedup, and we are told that the transaction will bring more clarity which will they hope permit edv to be valued more like an investment bank at a premium to book. I dont see the acquisition as proposed as a benefit to shareholders so my vote will be no. Only this time I will make sure I get to vote. I cant see dilluting shareholder nav by some 27% with the hope that the market will view this as a big positive development. I would much rather continue the existing status quo of increasing nav by 30-50% a year. I wish management would try to align themselves with shareholders as opposed to sticking their hands into our pockets.
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