Saturday, November 17, 2007

More Viceroy Homes News

There was another article in the National Post recently about the Viceroy Homes privatization. It clearly outlines the hypocrisies of the deal, and mentions this blog site. Click here to get the complete article

On another note, one very astute shareholder recently forwarded me his analysis of the latest quarterly earnings for Viceroy Homes. It follows:

Results issued last night are not as bad as expected. Without currency translation loss on USA assets, would have actually made a small profit. Not bad, given the housing crunch. Still no debt and now over $16 million in cash.
Of interest is Note 3: Capital Stock, item b) Issued capital stock of the company is as follows:
If my math is correct, the average issue price of the Class A shares is about $4.92, while the effective average issue price of the Class B shares is under $0.15!! Not bad for the Class B shareholders since they were collecting annual dividends of $0.30 per share until recently, on top of being paid generous salaries.
So the Class A shares have put up the vast majority of the equity. Yet the Class B shareholders want the Class A shareholders to sell at $4.25, while the 3 Class B shareholders continue to keep their shares, at least for now, to profit from the Russian venture. Not a great deal as far as the Class A shareholders are concerned.

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