Managers Discussion on SedarJus my two cents it appears we have a very large cash & short-term investment balance for a small company as it stands now. Nine properties sold in 2018 for $3.1M. Additionally, we also have long term investments -mostly Couche shares and GICs. Just makes you wonder what are the long term plans here of management? Current fair value of remaining properties is $32M.
Bottom line Becker is grossly undervalued at current prices and appears to be trading below 50% of NAV. Management doesn't help by keeping such a large cash position and not declaring a special dividend which would raise the SP or actively seeking another buyer. I will continue to add to my positions with the dips going forward.
As at April 30, 2018, the Company had a cash and cash equivalent balance of $718,105 (2016 - $762,595) and a liquid short-term investments balance of $4,634,511 (2016 - $1,615,605) to settle current liabilities of $688,140 (2016 - $531,952).
In fiscal 2018, nine (2017 – two) properties were disposed for proceeds of $3,155,759 (2017 - $1,010,000) less disposal costs of $131,597 (2017 - $37,038). A loss on disposal of $31,840 (2017 – $5,038), representing the difference between the properties carrying values in the investment portfolio and net disposal proceeds, was recorded. All sale proceeds were received in full.