Exercising my inner nerd and per my late night perusal of the financials:
- CRG trading at barely $1.25 had realized gains of $.35/share in 2010, and unrealized gains on increases in the share price of investments mainly RYG and SBB, of $1.12, for a total 'comprehensive' income of $1.47 in 2010 - or $.22 greater than the actual share price.
- assets (including recognition of comprehensive income per above - by way of recording $21m in unrealized gains in increased market value of securities - found in the other comprehensive income line) increased by $32.4m, from $13.5m to $45.9m or an incredible 240%. Meanwhile liabilities increased from a measly $800k to $4.3 million.
- the overhead budget for the entire 2011 is $550,000 or less than the $600,000 p/a interest that will be earned by CRG for the loan to African Minerals for which CRG also earns free shares and a bunch of warrants. This is called being smart.
- Dundee Corporation and directors own 6.286m or 33% of the 18.840m shares o/s (add another 2.6m to get FD).
- At Dec 2010 it had 18,841,701 m shares o/s and 2,610,000 o/s options at .50; no wts (in my calcs I always use 18.9m for convenience)
- the $ raised by the 18,841,701 over time was $23.670 million or $1.25 a share ie. the same as what it is trading at today.
- CRG is a very special 'holding co' and quite the value play....and we wonder how or if mgt will take some steps to eliminate that discount. I have no idea but my gut says that they will and those in today will one day be able to brag that they bot early and they bot value and it turned out just fine. This is my Corona wish, anyway. :) |
