s.l.,
Sorry for the delay in getting things posted - celebrated my daughter's 4th birthday this weekend, and had way too many kids hopped up on too much sugar...
Any, it was an interesting week, with an all time high of 135% for the premium. If you count VERT at the presumed control of ICG Safeguard has, you can add about $5 to NAV, for a premium of only about 90%. I say presume, because the number of shares SFE may own is not stated in the S-1, therefore, unless they have already received some shares from ICG, they may as well claim a percentage of the furniture at ICG, as well. Who's to say ICG didn't buy out their interest, or make some other cash/stock deal? Until it's reported officially (in a filing or on Safeguard's web site, the way they reported Excite shares), it really shouldn't be counted. Although it would make sense to consider it in your analyses, so there it is for you to consider.
Good luck (boy this market is making me mad),
--John |
