I am selling out of PVCS which I entered at 21.68 at 24.5. I already exited half at a 7% loss. This half I am exiting at a 13% profit. (+3% overall – so poor)
Q3 hedge fund letters, conference, scoops etc
I am concerned returning the cash is taking too long and that they will try to invest it rather than return it – which is what lots of the value investors in this want.
Note they said on 15th March:
“Following receipt of the funds from the arbitration award mentioned above, the Group is expected to have a substantial net cash position. In the light of this the board intends to explore options for the future of the Company in order to maximise shareholder value. These may include a cash return to shareholders, the acquisition of an existing business or a combination of these alternatives.”
They have had ample cash for quite a while now – if they wanted to return it they could have.
So I am out here. Best of luck to holders.
Article by Rob Mahan, Deep Value Investments Blog
