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Melcor Developments Ltd T.MRD

Alternate Symbol(s):  MODVF

Melcor Developments Ltd. is a diversified real estate development and asset management company The Company develops and manages mixed-use residential communities, business and industrial parks, office buildings, retail commercial centers, and golf courses. The Company operates in four segments: Land, Properties, REIT, and Golf. The Land segment is responsible for purchasing and developing land to be sold as residential, industrial and commercial lots. The Properties segment owns approximately 24 leasable commercial, retail and residential properties and other rental income producing assets, such as parking lots and land leases. The REIT segment owns approximately 38 leasable commercial and retail properties and other rental income producing assets, such as residential property, parking lots and land leases. The Golf segment owns and manages three 18-hole golf course operations (one of which is 60% owned) and has a 50% ownership interest in one 18-hole golf course.


TSX:MRD - Post by User

Post by Thor16on May 20, 2021 5:44pm
271 Views
Post# 33245353

Compelling NCIB / DIV

Compelling NCIB / DIVCompany purchased ~250k of stock for cancellation between end of Q1 and today at 40 cents on the dollar compared to book value according to the AGM today.  Keeping in mind each share purchased for cancellation is one less share the dividend needs to be paid on.  Aside from being immediately accretive to NAV if current sales volumes etc continue in their core business you can see what a compelling case this trend can represent for the stock.  Not that this company company is one you'd purchase for dividend purposes however all things considered perhaps the distribution rises in the not too distant future.
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