cheap way to own MGA?BWN owns 10% of MGA
Check my math, but from stockhouse news release (see below) this company owns 10% of MGA which tsx.com shows a market cap of 394,000,000 so 10%=39,400,000. Now the last news release said the company spent 2million of 10 million financing on latest India deal, so that leaves 8,000,000.
39,400,400+8,000,000=47,400,000
In addition the company owns some additional shares of other companies.
Market Cap on this company is 48,000,000 according to tsx.com. That means that at the current share price you are paying current price for the MGA stock and cash and getting the India play and any new deals for free!
If anyone sees where I have missed something, I would be interested to know.
From stockwatch release
Sheldon Inwentash is a director and principal of Pinetree, and Brownstone as well. Brownstone is also an investment company, specializing in oil and gas and uranium. It holds interests in various resource and energy plays, including a 10-per-cent interest in Mega Uranium Ltd. Finally, Mr. Lundin mentions he likes the company's management.