RE:RE:Urbana renews NCIBThanks. And I think it's absolutely not a bad place for retirement money.
I may have pushed a little hard in that post. To clarify, I don't actually agree with either of those two conclusions that some investor might arrive at in response to the decision not to use the NCIB. I'm sure the top people there care very much about the shareholders, even the little ones. And I'm sure the portfolio really is worth $10+ per share.
But I would still maintain that not using the NCIB when the discount to NAV per share is greater than 50% creates a terrible impression. It damages the Urbana name.
Here's another way to look at the matter. If they're not willing to use the NCIB when the discount is 51%, okay, then what is the level of discount at which Urbana WILL use it?
60%?
70%?
They should have SOME number.
Or maybe not. But then does that mean Urbana might not use the NCIB even if the discount were 90%?
A ridiculous example? Perhaps, though my response would be that a 51% discount (which we have today) is already a sort of ridiculous example.