From the Canada regulator site I have Smith buying more with a total ownership of 545,300 shares. Three insiders bought just over 1 million shares in past year. Most in May at about $1.70. Miller is up to 2.3 million shares of the 63 million outstanding.
bufffettt, how did you determine Smith bought 272610 shares? where was it reported? thanks so much.
yes it was right in the filing - may have been secured: "We currently expect that it is highly probable that we will recover at least $36.8 million of these losses in 2016. However, under applicable IFRS, our expected recoveries may only be recognized in our financial statements when there is “virtual certainty” that they will be collected. “Virtual certainty” is a very high threshold and therefore, pursuant to IFRS, we have not recorded our expected recoveries related to such credit losses in our 2015 consolidated financial statements."
Sellers still outnumber buyers. Hopefully this will change soon.
They really don't have much credibility. They said there was no material reason for the massive drop in the stock price more than a year ago, then they wrote down several dollars in book value months later. They said they would acquire a bank before the end of the year and that went into January. They said they would sell the discontinued operations within 18 months, but I believe we're still holding them. The list goes on and on. Yes, no one believes them.
your rumours are well-informed. According to SEDI, Smith bought 272.610 shares between $1.60 and $1.70 during the last week.
I don't see how they plan to recover 38m from German Pellets, they are toast and the company was fraudulently stripped. The bondholders are getting zero on the dollar, why should MFC recover 38m, and where would that money come from?
I think your figures are reasonable. You're assuming things hold up at current levels on profitability - I don't think there's much way to know that without more input from mgt.
On BV, what difference does it make if we're at a 60% discount to book or a 70% discount to book? Either they turn things around or they don't. If they do, this will do well from here.
I remember reading that the CEO said they expected to recover 38m of the 51m that they loss to a BK company. If they just break even for the year but recover the 38m, this would mean about a positive 60 cents in earnings and 38m added to book value. Are my figures wrong or does just no believe they will recover the 38m?