Buying more shares on the pullback that followed the announcement of its strategic revenue, he noted that Granite also has an opportunity to buy back its own
shares at a deep discount.
The billionaire investor agreed to buy
shares at a deep discount and provide a fresh credit line for the Canadian mortgage company, tapping a formula he used to prop up lenders from Goldman Sachs Group to Bank of America.
Rights plans (i.e. poison pills) usually provide that in the event of a hostile bid all security holders (except for the bidder) are entitled to purchase additional
shares at a deep discount.
Not exact matches
They've been selling properties
at deep discounts to already written - down book values, but
at prices high enough to more than justify today's depressed
share price.
I am sure that many of you have similar stories to
share, where you saw something for sale
at a
deep discount and took advantage of that opportunity.
As a
share of units sold, e-books account for two to three times the revenue figures, because e-books are sold
at a
deep discount to paper editions.
And yet, I am looking
at royalty statement after royalty statement, most of which are not mine and were
shared in confidence, which list almost all of the books sold
at deep discount — 64 % to be exact.
Aside from the common stocks, which get most of the media attention, the preferred
shares of both companies are also trading
at deep discounts to their par value.
[NB: i) Church House's Argo stake is held by the
Deep Value Investments Fund, managed by Jeroen Bos — if you haven't read it already, I can highly recommend his recent book «
Deep Value Investing», ii) XXX Capital Management is a well - known European hedge fund, which hasn't publicly disclosed a holding in Argo to date, hence the redaction — Argo management are obviously aware of their shareholding & support, and iii) the letter was based on a GBP 14p
share price & a higher GBP / USD rate —
at the current 13.875 p price and exchange rate, Argo now trades
at a 36 %
discount to net cash and investments, and a 47 %
discount to net tangible assets.]