Bexil reported a small loss in its first quarter results. They are still in the hunt for a business to buy. Some things stand out in the press release.
"At March 31, 2007, we had positive working capital of $37,937,663, total assets of $38,377,973, no long term debt, and shareholders equity of $38,011,275. Our book value per share at March 31, 2007, (886,592 shares issued and outstanding) increased to $42.87. "
Solid book value $10 above the market price.
"We have no plans to dissolve and liquidate the Company."
Are they feeling any pressure to step up the search for a company to buy? It has been a year since they sold York and paid themselves a bonus, and the Winmills have effective control over the company, so it appears unlikely.
"Approximately 25% of Bexil's shares are owned by Winmill & Co. (WNMLA)"
This is correct, but according to the proxy for this years annual meeting, the Winmill family indirectly or directly own 41.1%.
"We are currently engaged in the business of evaluating opportunities to develop and acquire long-term acute care hospitals and other enterprises."
Is this the best way to grow book value long term as the company says on its web site? Time will solve that mystery I guess.
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