Great call on this one. They'd fought off activists calling for a sale for so long, I didn't think they'd finally do the right thing! Liquidating distribution range of $29.73 - $37.69 is a ~5% - ~25% discount to management NAV from the 2025 presentation but high end is probably NAV less ~$20m of liquidation costs. Interesting to see Jones Crossing got an offer for $46.5m and New Caney U/C for $12.7m. Both prices look like a good start...
Great call on this one. They'd fought off activists calling for a sale for so long, I didn't think they'd finally do the right thing! Liquidating distribution range of $29.73 - $37.69 is a ~5% - ~25% discount to management NAV from the 2025 presentation but high end is probably NAV less ~$20m of liquidation costs. Interesting to see Jones Crossing got an offer for $46.5m and New Caney U/C for $12.7m. Both prices look like a good start...
what timeline do you have in mind before they close out?
1-2 years
Really interesting idea. Thanks for sharing