Bid made on one of AAB's private companies..
Found this in the latest Trinorth MD&A:
During the first quarter, Buchanan Renewable Energies Inc. (“Buchanan”) had no operating revenues and
incurred a cash outflow from operations of approximately $900,000 per month. On February 22, 2008
Buchanan entered into an agreement to sell 60 million shares to Pamoja Capital Holdings (“Pamoja”) for
$15 million. In addition, Pamoja made an offer to acquire all of Buchanan’s common shares and special
shares for 30 and 32.5 cents respectively. In light of Buchanan’s cash requirements to build its operations
and the difficulty in raising new capital quickly, TriNorth agreed to sell its shares to Pamoja.
FYI: AAB holds 3,000,000 shares of Buchanan, and 1,500,000 warrants...
Not a very large investment, but nice to see some acquisition interest in one of our private holdings - very encouraging imho...
The more I learn/discover about Aberdeen, the more and more I like it... (I'd like to add even more - but it is already my largest holding!!)
The ONLY thing that concerns me in even the SLIGHTEST about AAB is that as it approaches $.70 it is starting to move up toward where options/warrants begin to enter into the money...
Imho I'd actually like to see them STOP buying back shares - even though we're at a 33% discount to NAV, their ROI thus far has outperformed this considerably! I'd rather see them put that money to work than retiring shares- same thing with the gold royalty... I hope Stan and George sell it off and get us invested in more junior high flyers in at the ground floor!!!