Stelco Going PrivateJust did some quick math...As of March 22 Insider ownership =
Alan owns 12%
Fairfax owns 18%
Bedrock owns 11%
After the Substantial Issuer Bid they will own the following:
Alan 22.5%
Fairfax 33..7%
Bedrock 20.6
Combined = 76% of outstanding shares
Even if Bedrock sells their remaining shares Alan and Fairfax have control!
What a game Alan and Prem Watsa are playing
Alan knows he making a killing at $850nt since he stated they can make money down to ~$450nt
Hold on to your shares, don't play into thier poker game with our investment.
They could have granted us a $20 special dividend and called it a day. The share price would have cratered short time, but long term it would probably hold in the 20-30 range giving us a total of $50 per/share.