RE:Note 5 in the financials - INVESTMENTSSo Titan does own the warrants. I had been unsure because I don't recall them ever being mentioned in earlier filings. I thought perhaps the company had given up entitlement to them at some point in the past by, say, taking some alternative form of debtholder bonus compensation.
Titan's industry feelers should make them a pretty good judge of the optimal time to exercise the warrants and sell the resulting Bri-chem shares--i.e., because they think the shares are likely peaking.
I don't think Bri-chem has ever paid a dividend. If they were to declare one then I guess that would also be a reason to exercise the warrants--i.e., so as to be able to receive the dividend.
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So now, even with the solid Q3 result (and the move up in the price), the shares are still trading below cash per share (including the value of the warrants). That's quite something given the picture looking forward.
I believe the prohibition on insider buying ends 2 days (?) after the earnings release. I think it would be good for all if insiders get a chance to participate at these sub-cash-per-share prices. The insiders (including the rank and file) are, after all, the ones that made the improving results happen.