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Gladstone Capital Corporation Message Board

  • norrishappy norrishappy Aug 3, 2011 4:38 PM Flag

    Very dissappointing

    Net Asset Value: Net asset value was $10.34 per share as of June 30, 2011, as compared to $11.85 per share as of September 30, 2010.

    How and why gain is doing so much better?

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    • Nav is 10.34 and we trade at 8.94

      The cake is already baked and the street has over discounted the stock imo ...

      • 1 Reply to tipsmaster
      • I am not a short and your behavior is certainly not productive.
        What management needs to address is that the share price seemed to adjust downward for no ‘reason’. Turns out there was a significant write down during the period. I called IR and was informed they were not aware of any information which would explain the decline in the share price. A share price which had been remarkably stable given the conservative choice of investments, low leverage and stable post crisis distribution.
        I cannot prove information was leaked but given price action relative to other BDC that would be a reasonable conclusion. From the prior cal,l I did not feel there was any disclosure that there was potential for a 6% to 7% write down.
        Look, I like Mr. Gladstone. Despite this I believe he is an honorable man. But odds are he has a problem internally.
        We will see what is on the call. But a decline in book value from $11.50 to less than $10.50 this year is certainly not good. IR cannot comment on non publically available date and my suspicion is that it happened given the big jump in volume.
        I have a few shares and was hoping to pick up a bargain in this thinly traded BDC after earnings That is not happening for a while although with the prior track record, a discount to book should be a buy signal.

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