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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
    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.

16.86-0.05(-0.30%)Jul 22 4:02 PMEDT