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Strategies & Market Trends : Value Investing
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To: rllee who wrote (36009)11/24/2009 11:26:54 AM
From: Paul Senior  Read Replies (1) of 78656
 
I sold my PSEC after company machinations with share issuance and repurchase. I could not understand why, if the company were in good shape, it would dilute the stockholders by issuing more stock. And there were two such issuances, within a couple of months, if I recall right. Following that, the company then initiated a stock BUYBACK. Maybe it's a way to raise ammo for acquisitions and keep the balance sheet debt-free, but I don't like this jerking around. And the possibility they'll continue doing it. A company so willing to issue new shares when stock is below NAV, they'll maybe be even more willing to do so if/as stock rises above NAV.

Company management though is positive about the company, as you point out by their purchases.

I'd say maybe worth a shot based on management's buys. Too expensive for me though at current price. Maybe if the stock can be bought closer to $10, where it's been recently.
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