RE:Joe wants more than 120 million! For what?Luc
All this is rather odd to me. At this time san dimas is the entire company for all practical purposes. Im fairly certain the concessions surrounding san dimas would be included in any sale. The question for me is if joe is fighting for a 120 million sale now why didn't they impair the value of san dimas again during 3rd qtr? They supposedly had the offers on the table that backed a higher value.
BV is still running around 90 cents a share and 120 mil san dimas sale is no where near that after debt. Management stated the reason why the value of san dimas took such a huge haircut was due to value placed on san dimas after talks concerning stream and tax issue. So for them to sell san dimas for such a steep discount to book and not impair value of san dimas when they had another chance seems unlikely. Granted bf and cerro were sold for huge discounts but within range of stated value.
So for me I will continue to ignore what I think is noise. My thoughts are management does believe sd is worth 75 cents a share minimum but potential buyers do not. Management has more info about taxes and stream as well imo and that may or may not apply to new buyers. I think managements best course is follow the easiest path and that may be keeping lights on. More options are available if profitable. I have no opinion on what shares do prior to news, thats up to MMs imo.