Laurentian Bank of Canada T.LB.PR.H

from ContraGuys year end column

[Possibleidiot01]

In July, hope sprang eternal with Laurentian Bank ( LB-T +0.22%increase ), which we had previously acquired. When it suggested it was looking to be acquired, the stock popped, and our purchases looked mighty sexy. Ultimately, they weren’t, as no offer arrived and the “For Sale” sign was taken down, with the stock then diving. Currently we’re underwater. Still, our belief is that the stock will move up handily at some point while we consume the fat dividend. The enterprise did cut the payout before, and though we do not think that is likely to happen soon, it is not out of the question by any means.

[rad10]

Agreed.  You can get a fairly similar dividend from a higher quality Canadian bank, the big difference is that LB is trading below 50% book value. Collect dividend and wait for either slow revaluation or take out from a financial or insurance looking to expand QC footprint. The review was initiated by an unsolicited bid. I don't think you can lose too much at this point.