Most shell firms have fewer than three market makers and trading tends to be thin and concentrated among a relatively
small shareholder base.
Not exact matches
Fellow
Shareholders, I am pleased to report that both the Oakmark International Fund and Oakmark International
Small Cap Fund delivered solid absolute performance and outperformed on a relative
basis for the quarter.
The International Fund may invest in emerging markets, which are generally more volatile and can have relatively unstable governments, social and legal systems that do not protect
shareholders, economies
based on only a few industries and securities markets that are substantially
smaller, less liquid, more volatile and may have a lower level of government oversight than securities markets in more developed countries.
Following the positive vote by
shareholders at that meeting, the Rainier
Small / Mid Cap Equity Fund will be reorganized into the Hennessy Cornerstone Mid Cap 30 Fund on January 16, 2018,
based on fund prices as of January 12, 2018.
After all, it's a capital light industry that is highly scalable; relatively
small fixed overhead costs can be amortized over vast asset
bases, resulting in some very fat margins and returns on
shareholder capital as an asset manager's business expands.
Speaking of, the
shareholder base is intriguing, and likely to be a real catalyst for share price appreciation in the future: Weiss (13 %, and 2 board directors), Karoo (25 %, 1 director), Laxey (10 %, 1 director), Principle (10 %), with
smaller stakes belonging to the Oppenheims (management), Taube and Alpine Woods.
[The other day, I was amused to read about a US
small - cap CEO lamenting his
shareholder base used to «include those nice guys at Fidelity», but now it was «just guys in muscle tees from Jersey!»]
According to IRS Publication 551, the company's
basis in the donated property is the
smaller amount of either its fair market value or the
shareholder's adjusted
basis.