Bought 4000 shares today. Free money Okay, the word 'free money' is taken with an asterisk but seems like it here. Let me explain.
Dream sold Arapahoe Basin for at least $140+ million. They stated it was sold at a modest premium to NAV which appears to be $148 million or worth around $3.60 per share NAV adjusted.
Debt paydown was stated at $100 million = $2.47/share
Special dividend = $1.00 per share
So the rest will be used for general trust purposes.
The stock is down $9 off it's 52-week high and ~10% since Q3 earnings.
There is a less of income from the ski sale but a growing income stream from elsewhere, including the latest ERES deal which has not yet been reflected in corporate financials.
In my view, the next big catalysts for Unlimited are likely related to Dream Impact and some approvals there, possibly as early as December, but risk-reward is exceptional here.
Unlimited fell hard off the recent US bond yield move & negative sentiment from Trudeau's immigration changes it seems, even though Cooper telegrpahed very positive guidance on western Canadian land sales and internal pipeline on the latest call.