Jv buys 30 acres.If you need confirmation of what raw Silverdale land is currently worth, the Jv bought 30 acres in March.
Price, 39 million, 1.3 million an acre.
MPC owns 700 acres of the JV's 1400.
I realize that the high price might be paid for a strategic position,
So not indicative of the total value.
However, rough calculations at this mark take the Mpc value over 900 million, $15 per share pre tax.
Mpc has held this position for decades at a very small cost base. This is the home run that we spotted a year and a half ago.
The rest of the book is very conservative and is easily worth more than the share price. Combined, the price is a third of potential value.