RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Updated NAVOn the Kilo the 25 cents they paid reflected the warrant as well so I think it's pretty much trading in line with the issue price but certainly HUM and KGL are important to CRG investors!
I think CRG is the best too in terms of value and I hope that Goodman decides to grow it through RYG etc...and become a true junior merchant bank or just takes it private. This discount is way too big.
As for the rest:
I don't know GMN at all.
On PNP, the debt scares me so I own the debt instead of the equity. I got in when they were trading in the 60's but I still own most of it. Trading at 84 with a 10% coupon and maturity in a couple of years along with reasonable debt covenants. Following this recent equity issue, they should be looking to start buying back debt as they promised the last time they breached the debt covenant so maybe it moves towards par.
I own AAB but I have some of the same concerns you do. It would seem like a situation that could do with a big investor trying to push out the current management.
I also own, KXM, which is pretty much a shell, with about $0.74 in cash and trades at $0.53. They are looking for somewhere to deploy the capital and I think they should start rolling up these badly run companies!
I own SMD, which has boat loads of cash and investments in ATAC and some other names. It trades at around a 35% discount to cash and investments and they at least have a more active buyback.
I'm also going to throw IAM on the list because I bought it just above cash value/share which is around 65 cents by mid year. Stock trades at 87 cents but base business is probably worth $1-2 + the cash makes it very interesting. They also have a divy so you get paid to wait.
I would welcome any feeback.