Dundee Corp T.DC.A

G&A - What is reasonable ?

[FrozenInOntario]

I have seen mentions that Dundee G&A were too high, and this for a long time. I would assume that the dividend paid on the prefered were also part of the equation.  That part is now sold.   Looking at the latest financial, their G&A are at 3.4 M/quarter.   Now, this include Dundee Sustainable 300/quarter as well  as Dundee Investment 350/quarter that should dissapear with its sale.   So lets say 12 M/quarter.
This compares to their shareholder equity of 291 M.    So roughly 4%.  Is it too high ?

Shareholder equity is undervalued with Magna and TauRx shown as book value in this calculation.  You can add 56 M to Magna value using latest quoted price of 1.40

Another way to look at it, we are in for their Minning investments.   They are listed at 142 M on the financial, 200 M if we bump for Magna.   12 M /6% management fee appears expensive until you think about the 2/20 paid typically to hedge fund.   

GLTA

[nozzpack]

Assets that are included at their fair value in the Corporation’s consolidated statements of financial position Declined from $195 million at Dec 31 2023 to just over  $167 million at exit Sept 2024. Thats a $28 million loss in asset value and these guys got paid over $12 million during this period ! I have seen this gross abuse of shareholder value via excess and unwarranted payments to

[FrozenInOntario]

Nozzpack, This is funny.  Suggest you read this on the financials. 

[FrozenInOntario]

Oups.   Cannot post the continutity schedule of investment.  Read the financials. They sold GMining for 96 M.  Fair value of investment increased by 63 M.   The rest makes fine reading.  You will even find that they bought back the preferred. Regards

[TheCount11]

?????  Nothing in this post is reality

[TheCount11]

"I have seen mentions that Dundee G&A were too high, and this for a long time. I would assume that the dividend paid on the prefered were also part of the equation."  Dividends are not part of G&A "Looking at the latest financial, their G&A are at 3.4 M/quarter."  Where are you looking?   "Now, this include Dundee Sustainable 300/quarter

[FrozenInOntario]

Hi Count, Just trying to see if the G&A are too high to run this business. DIvidends on prefered + G&A were the big outflows.  Dividend problem is solved and did not imply it was part of G&A.. G&A at 3.4 M.  Took it from the MD&A page 12.   Not the correct place, mea culpa.  Financial : 4,2 M for the quarter, 12.5 for 9 months.  Note   

[CBalardo]

Ya, it not a bad deal. Vale & Rio tinto both down with big dividends so this drawback hopefully is temp. 

[TheCount11]

In a word is G & A way too high for a bunch of Jr mining bets?  Yes.  Big investors are concerned about that so management is trying to decrease it. Prefs were super cheap funding for what looks like a Jr mining Closed-end Fund.  However... TauRx is likely to payoff.  Big time.  Hopefully management doesn't sell anymore to their friends ("the stunt").&

[FrozenInOntario]

So, what would be reasonable G&A ? The way they invest with their deep dive, do not believe there is too much that can be cut after the last moves. I do not mind paying for it if they can give us mega baggers. Personaly, I have given up on picking mining stocks and I much prefer to back Goodman as I like the sector. On the preferred, the Serie 2 interest rate were at 5% but about to reset to T