RE:RE:RE:RE:RE:AGMMelcor really is an unbelievable deal. But that alone will not move the share price.
My somewhat pessimistic base assumption is for the company to continue cranking out decent earnings, $2 - $3 a share and growing, which represents about an 8% ROE.
The fact that ROE remains below "par" of 10% will continue to restrain the share price. But nevertheless the current level of suppression is ridiculous and probably not long for this world: I expect the share price to drift up into the 20's over the next couple years, even if earnings remain unremarkable. If EPS gets above $3 though watch out ... that is when we might finally push past book value.
I am quite happy to rake in the rich dividend while waiting for a reversion to the mean. Should be an easy multi-bagger for those willing to buy and hold for five years.