RE:RE:RE:RE:RE:RE:RE:RE:RE:34.9 shares bought back at $4.30.. Yes, the SP is now significantly discounted from even the most conservative calculation of the NAV. If you take Mittleman's rosy calculation of a NAV per share of $7.50 before the SIB, it is now $8.45. If you take a much more conservative (realistic?) view of the NAV at $6.00 a share prior to the SIB, it is now $6.50 a share.
The market price is probably being depressed by:
(a) all those people who tendered, sold 77%, made a significant profit, and are now just dumping the remaining shares because they want out of the clown car, and
(b) the market does not like Rabe's plan for the future of the company. Until know, the share price has been determined by the market assessing what the SIB would hit at, and the market wasn't too far off, trading at $4.25 with the SIB price being $4.30. Now, the market is assessing for the first time the future of the comany without reference to the SIB, and the market is not overly pleased.
I am thinking of picking up some more, if the price drops a little bit from where it is now, and perhaps buy more from now until June 28, which is AGM and the next date to watch. My guess is that the market will continue to look with displeasure on Rabe and his "plan" and the price will flounder sideways until the AGM. Note how Rabe set the day of the AGM on Friday, June 28, the last business day before July 1, when Mittleman is free to speak and take action. Mittleman will be forced to vote for all nomiated board members - that will burn. I wonder if that will be enough to save the legacy board: hopefully even with that 18% being contractually obligated to vote for the nominees, I hope that the rest of the shareholders vote these clowns out.
If not, then we have to see what Mittleman will do after July 1. Hopefully he will call an emergency sharehholders meeting to vote the bums out.
There is value in this stock: it will just require patience to get it out, as Rabe and the Employees are dedicated to dining off of the pile of cash that is Aimia for years, and to hell with the SP.
chickenfajita wrote: The market price currently makes zero sense then. Right now it's still being dumped at the lowest possible price far cry from $4.12. I guess if you are brave enough you might pick up a few thousand shares hoping Mittleman does the same in the next couple weeks.