Auric, as you know, among the numerous companies that WCAP has equity
interest, 2 has gone public (COOL, ROWE), 3 have registered for IPOs
(JUNO, Worldgate, Mpath). Let's just look at how these issues
contribute to WCAP's intrinsic value.
Company Shares owned Price Value ($MM)
-------------------------------------------------------------
COOL 1,464,000 19 27.8
ROWE 153,676 28 4.3
JUNO 1,178,304 25 29.5
Worldgate 140,846 25 3.5
MPath 227,273 25 5.7
--------------------------------------------------------------
Total: 70.8
Note: Prices for Juno, Worldgate and MPath are conservatively estimated
With 5 million shares common stock outstanding, the value in these 5
companies add $14.2 per share to WCAP. Of course WCAP has equity
investment in many other companies, plus a portfolio of loans made
to small businesses.
There's no question WCAP is very undervalued at this time.
Regards,
Tom |
