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BP Prudhoe Bay Royalty Trust Message Board

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  • pruman98 pruman98 Jun 25, 1998 3:52 PM Flag

    Where Is John Galt?

    Thanx for the tip on BBZ. I did some research and
    this is what I came up with.
    BBZ is a closed end
    Mutual Fund that invests in International Investment
    grade Corporate and Govertment Bonds. The price has
    recently been pushed down due to a rights offering where
    holders of rights were entitled to buy additional shares
    at only $6.15.
    Naturally many bought shares at
    that low price, not to mention those who tried to do
    some arbritrage. Many of those who bought at $6.15 are
    dumping shares for cheap now. When all of these short
    term players are out the stock should easily be at
    least $7 / share. It is paying .07 per moth dividend
    even at $7 this is a 12% return. Before the rights
    offering this stock was trading in the $8 range. Because
    the rights offering did dilute the stock I don't thnk
    we will see $8 again. However, $7.50 is not
    unreasonable to expect. The recent price has been 6 3/8 - 6
    7/16
    You even get a 12% + dividend while you wait for the
    stock to recover.
    Whether you buy this for the
    dividend, or just waiting till the price recovers from the
    rights offering, good luck investing.

 
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