|Bid||23.10 x 1100|
|Ask||23.17 x 1100|
|Day's Range||22.75 - 23.25|
|52 Week Range||21.55 - 32.50|
|Beta (3Y Monthly)||1.23|
|PE Ratio (TTM)||7.76|
|Forward Dividend & Yield||0.84 (3.67%)|
|1y Target Est||N/A|
The Trustees of Mesabi Trust (MSB) declared a distribution of eighty-seven cents ($0.87) per Unit of Beneficial Interest payable on November 20, 2019 to Mesabi Trust Unitholders of record at the close of business on October 30, 2019. The seven cents ($0.07) per Unit decrease in the current distribution, as compared to the distribution announced by the Trust at the same time last year, is primarily attributable to a lower volume of iron ore shipments during the three month period ended June 30, 2019 compared to the same period of 2018, and to the Trust’s receipt of total royalty payments of $11,875,518 on July 30, 2019 from Northshore Mining Company, which was lower than the total royalty payments of $13,058,856 received by the Trust from Northshore Mining Company in July 2018. The Trust’s announcement today also reflects the Mesabi Trustees’ determination that Mesabi Trust presently has sufficient reserves available to make such a distribution while also maintaining an appropriate level of unallocated reserve in order for the Trust to be positioned to meet current and future expenses, and present and future liabilities (whether fixed or contingent), that may arise in the iron ore and steel industries generally.
On January 23, 2019, Mesabi Trust (MSB) reconvened its Special Meeting of the Trust Certificate Holders of Mesabi Trust (the “Special Meeting”). At the reconvened Special Meeting, a total of 8,797,177 units of beneficial interest, or approximately 67.05% of our total 13,120,010 units outstanding and eligible to vote, were represented in person or by proxy, and constituted a quorum. At the reconvened Special Meeting, 6,896,828 units of beneficial interest, representing approximately 52.56% of the total units outstanding, voted “FOR” the appointment of Robin M. Radke, as a successor trustee of Mesabi Trust.
The Trustees of Mesabi Trust (MSB) today re-affirmed their unanimous support for successor trustee nominee Robin M. Radke to be appointed by unitholders at its adjourned Special Meeting of Trust Certificate Holders, which is scheduled for 11:00 A.M. Central Time, on Wednesday, January 23, 2019 at the offices of Fox Rothschild LLP, 222 South Ninth Street, Suite 2000, Minneapolis, Minnesota 55402 (the “Special Meeting”). The Trustees of Mesabi Trust are continuing to solicit proxies from its Trust Certificate Holders requesting that holders vote “FOR” approval of Proposal 1 for the appointment of Robin M. Radke as an individual trustee of Mesabi Trust to succeed Richard G. Lareau, who is retiring.