After the most recent 5 cent dividend.
Looks like they are going to semi-annual 10 cent dividends instead of 5 cent quarterly dividends going forward.
They had tender offers in april 12 and april 15 for $4.20 and $4.00.
So, we could reasonably expect another tender offer in april 18 for $3.80.
In the meantime, we get a nice 6.9% yield while we wait. (Using $2.90)
Biglari owns 16.3% and hasn't participated in either tender offer.
"Our business model has demonstrated the ability to generate consistent cash flows"
Heavily traded stocks like SO have a very small bid/ask spread. And fidelity buys shares in the open market for all fidelity customers. They charge a commission but the $7.95 is divided among all fidelity customers reinvesting in SO every quarter so its effectively free.
Even IF the market maker knew exactly when Fidelity was going to buy every quarter, it seems unlikely they would be able to profit much, if at all from it.
Every quarter I ask others for their dividend reinvestment prices and Fidelity has always been the lowest or very close to it.
I own a few ETFs where I do the same thing and over time you can see that you are always buying more shares when the price is low and fewer when the price is higher.
Almost no individual investor could do better on their own picking & choosing when to buy, and paying the entire commission on their buys.
I consider dividend reinvesting to be idiot proof.
I do it for almost all my ETFs and for SO in my IRA. I don't do it for my other dividend paying stocks or in my regular account.
Ive never really looked into exactly when they buy and what the prices were that day but in looking back at the prices of my reinvestments, I have never seen anything that looks even remotely improper.
With a $5.05 book value and the potential for more throwing in the towel, I have to think it might see below $4.50 and I would almost have to buy some there.
I don't expect the new guy to be hired before Jan or Feb at the earliest so we wont get a "new guy" bounce before year end.
Becker Drapkins buying would be a buy signal but like last time, the stock is likely to be up 20-40% by the time we find out that they bought.
I think the company is in better shape than when the old man took over but its certainly not going back to the teens anytime soon.
They lost their CFO a few months ago and now the ceo steps down.
Maybe they can beg Mason to come back.
Given his age, he lasted longer than I expected but the stocks at a 3 year low.
Becker doesn't own hardly any stock anymore.
Give a man a value stock and he's invested for a day, but teach a man value investing and he'll be in anxiety-ridden mess for life.
And BHs fortunes don't seem likely to change anytime soon.
He isn't really stock piking, he is just sitting on his hands waiting for CBRL to stumble so he can wrestle control of it from them.
I just don't see any reason for the stock to go up 20% or so from here.
Sardars pay package will always been there.
And issuing b shares isn't going to help the share price any.
I don't see why were aren't down to $350ish really. At least there I could see taking a chance on some more shares.
Possible merger candidate.
$14.86 is a steal.
The big question is the market.
Where will the market be in 6 months, a year or 2 years ?
What was 6-7 cents a short time ago is now effectively zero.
The chairman is a securities recidivist.
net proceeds to Winthrop were approximately $6,700,000.
Winthrop also announced that the potential purchaser of its Jacksonville, Florida property failed to post a non-refundable deposit and the contract was terminated. Accordingly, the property is currently being marketed for sale.
I think that's twice a deal on Jacksonville fell thru.
They should still be able to pay us more by year end.. maybe $1ish.
Jacksonville, Florida – On June 1, 2015 the Company entered into a contract to sell its 588,000 square foot warehouse property leased primarily to Fanatics, Inc. The buyer's deposit is refundable through August 24, 2015 pending a diligence period.
I bought because I hoped that Becker Drapkin would do something with this shell to create value.
I still believe they will.
The cash burn isn't huge compared to their NOLs and Becker Drapkin used to have a pretty good track record. They own 34.4%.
I plan to use tax loss selling, if any, to add to my position.
I have a small loss on my SDOI overall but every reason I bought is still there.
Would be nice if the president bought some shares and wrote us a letter once a year.
One thing that seems awfully wasteful. 23 Freaking board members.
Hard to believe they all add value. I would prefer if they got that down to about 7-8.
The board savings would be material.
I had owned ABVA and apparently got cashed out of some shares and got some WFBI in the deal back on 1/10/13. Since the amount of shares I was stuck with was small, I took the proceeds and added a little and bought more WBFI at $11.81.
Ive gotten two 5% stock dividends along the way along with regular cash dividends.
WFBI seems to have outperformed the market since then.
Its not a large position for me but its been a solid performer. And the cash dividend is higher than a 1% savings account.
Call Sitra, he will sell anybody shares for 45% below market apparently.
Amazing that anyone would buy this in the open market. I guess they like throwing their money away.
Maybe they delude themselves that its a gamble. Its not. Its a certainty you lose money.