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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (51827)	7/24/2013 6:33:03 PM
From: lawndale1	Read Replies (2) of 78702

Reading Symbol is RDI not RDY. If you read a few more of my seeking alpha articles on it or one of the other authors, it will be an easier analysis - because the discount to NAV right now is so large. Yes may be more difficult to figure exact target but not an issue at these prices. SPA has been great run but still has substantial operating performance growth to occur. MERC makes NBSK pulp in some of the lowest cost most modern facilities in the world for tissue and paper manufacturers. Substantial govt GRANT money was given to build and modernize these plants. Those hundreds of millions (several $/share) are NOT in the book value. Substantial debt in highly levered subsidiary is non-recourse to the holding company and public shareholders. (that sub is therefore like a call option- adds value in favorable environment but no hit in bad market) You should be aware of our large position in EQU and more importantly our communications with mgmt and views on recent unsolicited bid. Note their standstill expires at end of july and they could make new bid end of August. We think forward prospects very favorable so high price is necessary for us to support a bid. Hope this helps.

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