Post by
Mrguillaume on Dec 15, 2021 5:14pm
Property Sale
With the sale/leaseback of their Etiwanda property (134k sq ft, 16 acres) for $70 million ($55 usd) the operating company is now trading at $0.85 and earning $1.00 per share!
The Richmond, BC property has a 2021 assessment of $67.9 million (cdn). So, US$ cash (net of taxes) and Canadian real estate is approximately $125 million cda. Market Cap today - $150 million.
Look for another and much larger special dividend with Q4 results.
Comment by
ArnoldZiffle on Dec 15, 2021 5:59pm
No, that Canadian property is on prime land...north of $150miliion. Do the math
Comment by
ArnoldZiffle on Dec 15, 2021 6:08pm
That person in Canada who sold those shares from national bank...totally screwed their shareholders...I hope their investors see this post. What a year end bonus grab. Embarrassing!
Comment by
ArnoldZiffle on Dec 15, 2021 6:39pm
Just did a little due diligence, according to California law, this info should have been made aware a lot sooner to shareholders, If you look at CMC, they announced their intention to sell their property in September. It is also a material discussion, the board and management are accountable .
Comment by
Mrguillaume on Dec 15, 2021 6:35pm
The Richmond, BC property is 37 acres with a BC assessment of $67.9 mil. as stated. What is the FMV is remains to be seen. The property is a bit of an arm pit and not that easily developable.
Comment by
ArnoldZiffle on Dec 15, 2021 6:43pm
No. My friends in bc tell me. On the Fraser river, only property available. $150 million, just the property alone
Comment by
ArnoldZiffle on Dec 15, 2021 7:24pm
Do the math. The Canadian property might be worth $200 million.
Comment by
ArnoldZiffle on Dec 15, 2021 7:33pm
Hi, Just had a friend call me from Canada , said property could be $300 million
Comment by
ArnoldZiffle on Dec 15, 2021 7:48pm
Hi, if anyone wants to drop a block of shares...I will take them