RE:RE:Trading significantly below Book Value
This is simply mispriced now, the group buying the properties gave them 24 million in cash and have commited to pay it our by the end of the year. (reducing risk)
Do you think they would do that if they were not going to pay it out? the rest of the loan
I went back and looks at the stage 3 loans and this one pretty well represented 75% of their stage 3 exposure, so their stage 3 exposure is diminished.
You buying a finicial stock that is trading at almost a 25% discount to book value, the stock has historically traded around $9.50 and even at the beginning of this year it traded well over 8 dollars.
This is a steal at this price, and the dividend will not get cut because they have not lost any money and cleaned up their trouble loans without any losses.
IMHO