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Bullboard - Stock Discussion Forum TWC Enterprises Ltd T.TWC

Alternate Symbol(s):  CLKXF

TWC Enterprises Limited is a Canada-based company engaged in golf club operations under the trademark ClubLink One Membership More Golf (ClubLink). The Company is the owner, operator and manager of golf clubs with 45.5, 18-hole equivalent championship and 2, 18-hole equivalent academy courses (including three managed properties), at about 35 locations in Ontario, Quebec and Florida. Its... see more

TSX:TWC - Post Discussion

TWC Enterprises Ltd > The Country Club Application Approved
View:
Post by BlueHorseshoe90 on Dec 07, 2021 1:07pm

The Country Club Application Approved

Vaughan council approved the development application for the Country Club. Bittersweet news as this is a leased Clublink property so no direct benefit, however it does illustrate that getting these things done is not completely impossible even in the face of intense opposition from instransigent and hypocritical NIMBYist residents. Also, note that the developer's lawyer was Mark Flowers who has represented Clublink both in Glen Abbey and Kanata.

https://www.yorkregion.com/news-story/10530918-vaughan-historic-golf-course-approved-for-family-homes-bringing-end-to-years-of-tension/
Comment by Malpeque2 on Dec 10, 2021 8:51am
I didn;t see a price.    662 units and 200 plus acres,  what did it sell for in 2017 with unapproved development potential?  
Comment by Valueguy13 on Dec 10, 2021 9:08am
Sold for $230 million to de Gasperis led group. 
Comment by Malpeque2 on Dec 10, 2021 10:20am
ValueGuy 13,  Thanks for your help.   You prompted me to do a google search on The Board of Trade Golf course sale.    I found a page by CBRE Commercial.   There is even a brochure they developed.   I did not read it. Says they contacted over 1000 clients world=wide.    They had 8 bids.   Went to one more final round after the 8 ...more  
Comment by Valueguy13 on Dec 10, 2021 11:21am
Yup. Impressive. My memory was off by $10 million - rounding error
Comment by carbide on Dec 14, 2021 4:37am
A handsome sale.  But I don't think our golf courses are worth too much.  Maybe 10 million apiece.  Some of them...only 2 or 3 million.  Hardly anybody golfs nowadays.  At best you'd be lucky to graze a few pigs there.
Comment by Valueguy13 on Dec 14, 2021 9:52am
You are badly misinformed. The North American golf industry has had a significant boost in the past two years and is now under supplied in many major markets including the gta. Supply continues to decline with no new construction and courses being sold for real estate value.  Virtually all TWC golf properties are worth substantially more than their book value.  As a matter of ...more  
Comment by carbide on Dec 14, 2021 6:06pm
Suppose what you say is correct.  Would you say, as many others have commented, that the private market value is significantly greater than the public market value?  If so, then it should be an easy job to arbitrage it and give a massive boost the the NAV per share.  Yet, I do not see a lot of value creation at this company.  Why is that?
Comment by Valueguy13 on Dec 14, 2021 9:38pm
Yes I think that is true but the value comes from a combination of the cash flow generated by the operation and the underlying long term real estate development potential value of the land, both of which should be realized in the fullness of time, but short term will likely be selective opportunities like Kanata, Islemere, Woodlands, Heron Bay, Palmaire, etc. 
Comment by Malpeque2 on Dec 15, 2021 3:48pm
Don;t leave out our current development opportunity at Highland Gate. Anyone shareholders in GTA    been out there lately to do some DD and check on the progress? 
Comment by Valueguy13 on Dec 15, 2021 8:54pm
Of course you're right - great example. The schedule of closings in q4 and beyond are in the q3 report as I recall
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