RE: NAV-$1.80? or + next reporting??The way they calculate their NAV, I doubt that it will be $1.80 by next reporting, that would be a ~33% increase in the investment portfolio from today until the end of January.
They reported $1.33 at the end of October, it's ~$1.47 today. Investments, not including warrants, are ~$87m as of today's close. If other balance sheet items stayed the same, our investment portfolio would have to be around ~$115m for a NAV of $1.80.
So it is probably wishful thinking to ask for that by the end of January, but you never know.
As for the warrants, if you bought them today you are betting that the SP will be at least $1.165 (a 55% increase in the share price) by June 2012. If we maintain this ratio of 50% of our NAV, which I think is unlikely but stranger things have happened, we would need the NAV to grow to $2.30 (56% rise). I do see where JP is coming from as there is definitely some risk involved.
I have no doubt that we will see that share price in the future, but Mr Market can be irrational in the short term.