Hamilton property sold for 25,5 million!Hi guys,
The valuation of this company is beyond insane! The market cap at $ 0.40 is 32.5 million. Just as a reminder:
Torstar is completely debt free (even free of pension liabilities through the CAAT merger) and had 52 million in cash, 27 million in tax credit receivables (presumably converted in cash in the first half of 2020) as of the end of Q3 2019 and now 25.5 million through the sale of the Hamilton property in Q1. Just with a short back of the envelope calculation, this makes a total of about 105 million! Besides a negative cash flow situation and without valuing the other holdings (VerticalScope; Blue Ant etc.) this valuation doesn't make any sense, I'm speechless. The Voting Trust structure and this management/Board are holding this company and its shareholders down. They represent a huge negative present value compared to a company in the same situation, but with voting shares traded publicly.
25.5 million for the Hamilton property is a very good price and way above my own estimate!
Normally the stock should explode today! But what is normal with this company....
All the best and keep the faith,
Don