RE: Today's press release" I think if you read today's press release, Xceed's end game is very clear. They want to get back into non-insured non-traditional mortgages, where the rates and the profit is very lucrative. Xceed Bank will be carving an interesting niche for itself ".
A very prescient point indeed.
XMC routinely earned $0.80 /share in its former NI/NT mortgage business and its conversion to a bank will provide it with the access to capital that will enable it to regain its former niche.
If so, and as banks trade above 12.5 times net earnings, XMC should have to potential to reach if not exceed its former highs of about $10 per share.
Investor recognition of this transformation and its financial implications are just now being felt in the share price, which should rise progressively higher as the conversion becomes a fact..