Author Topic: Dumbdee - The Goodmans, The Bad & The Ugly - 30% of NAV bargain?  (Read 138144 times)

Rod

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Re: Dumbdee - The Goodmans, The Bad & The Ugly - 30% of NAV bargain?
« Reply #450 on: November 15, 2018, 11:02:59 AM »
Goodman said the following in his opening remarks (sorry if not typed exactly but, I am sure it is close):

"Optimistic that good things will happen in next quarterly cycle."

Parq is being restructured and latest deal will likely be made with same financier who, if we tie the dots from what was said in the call, has signficant experience in hotels/restaurants.

DPM definitely looks like on the right track and gold finally seems to be catching a bid.

Chad could be enormous. Rig is now in place and drilling should start any time. They are talking potentially 100,000 bls/d with 5% royalty. China firm is right accross border with similar field and geology and producing.

And more liquidation of smaller holdings is likely.

So I expect some kind of turnaround events that could change things dramatically over next 3 months.

Cardboard

It's hard for me to see value coming out of Parq at this point. Even if they start to improve it the ongoing losses to get there will pretty much erode any equity value. DPM is promising but anybody could buy that directly. So should it be valued above market? I don't believe so. I guess Chad is where the real potential is. But there must be risks between here and the promised land. How did Delonex get it for a comparatively low price if it is such an obvious winner? And where is the insider buying? Anyway, it looks like there will be lots of announcements to come. I'm still waiting it out in the B/D prefs until the E pref is dealt with and Parq and Blue Goose are restructured. And until the insiders start showing confidence in the stock with some purchases.


petec

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Re: Dumbdee - The Goodmans, The Bad & The Ugly - 30% of NAV bargain?
« Reply #451 on: November 15, 2018, 01:40:19 PM »
Can we separate these two threads and put them in the investment ideas section?

sculpin

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Re: Dumbdee - The Goodmans, The Bad & The Ugly - 30% of NAV bargain?
« Reply #452 on: November 23, 2018, 11:19:21 AM »
Roumell Annual Report. Includes discussion of investment in Dundee...

https://www.ncfunds.com/dl/annual/813annual.pdf

ADcure?

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Re: Dumbdee - The Goodmans, The Bad & The Ugly - 30% of NAV bargain?
« Reply #453 on: November 26, 2018, 11:30:28 AM »
Just read rcfunds report. Am I missing something? If Dundee has a market cap of $70 million, and marketable securities of $162 million, why doesn't someone buy Dundee and sell/liquidate it, double their money, and put it out of its misery?

sculpin

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Re: Dumbdee - The Goodmans, The Bad & The Ugly - 30% of NAV bargain?
« Reply #454 on: November 26, 2018, 11:34:01 AM »
Just read rcfunds report. Am I missing something? If Dundee has a market cap of $70 million, and marketable securities of $162 million, why doesn't someone buy Dundee and sell/liquidate it, double their money, and put it out of its misery?

The Goodman's own all of the multiple voting shares which gives them full control of the Company. Can be no hostile bids. As well, they have a preferred share liability of $90mm coming due in June 2019.

sculpin

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Re: Dumbdee - The Goodmans, The Bad & The Ugly - 30% of NAV bargain?
« Reply #455 on: December 14, 2018, 08:41:11 AM »
So will pull out about $24 million from capital & sale price in the 4th quarter....


Dundee Corporation Announces the Sale of Dundee Securities Ltd. to Echelon Wealth Partners Inc.

TORONTO, Dec. 14, 2018 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (the “Corporation” or “Dundee”) today announced the sale of Dundee Securities Ltd. (“Dundee Securities”) to Echelon Wealth Partners Inc. (“Echelon”) for total consideration of $4 million. This transaction is also expected to provide Dundee with additional liquidity from Dundee Securities of up to $5 million and ongoing cost savings. In October 2018, approximately $15 million of regulatory capital supporting Dundee Securities was provided to Dundee Corporation.
As part of this transaction, veteran investment professional Les Sherman and his team will be joining Echelon in their Toronto office.

“The sale of Dundee Securities is consistent with our strategy of streamlining our portfolio of investee companies and focusing our efforts on core businesses that are positioned to deliver long-term shareholder value,” said Jonathan Goodman, Chairman and CEO, Dundee Corporation. “Prior to the closing of this transaction, our capital markets team at Dundee Goodman Merchant Partners, which was operating as part of Dundee Securities, was transitioned to operate as part of Goodman & Company Investment Counsel.”

“We would like to thank Les and his team for their many years of dedication and wish them well as they transition their business to the Echelon platform,” said Robert Sellars, Executive Vice President, and Chief Financial Officer, Dundee Corporation.

All required regulatory approvals have been received and the transaction is due to close at the end of business on December 14, 2018

sculpin

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Re: Dumbdee - The Goodmans, The Bad & The Ugly - 30% of NAV bargain?
« Reply #456 on: December 14, 2018, 12:57:06 PM »
Polar has added an additional 2.6 million shares since their last filing. Now almost up to 15%. One of the best small cap investors in Canada....


The requirement to file this report was triggered on November 13, 2018, when Polar, on behalf of client accounts over which it has discretionary trading authority, acquired 1,990,900 Shares of the Issuer.

Since the last report dated October 10, 2018, there has been a net increase of 2,559,000 Shares over which Polar, on behalf of client accounts over which it has discretionary trading authority, exercised control or direction, representing a net increase of 4.42% in the number of Shares over which Polar, on behalf of client accounts over which it has discretionary trading authority, exercised control or discretion.

As at November 30, 2018, Polar, on behalf of client accounts over which it has discretionary trading authority, exercised control or direction over 8,556,090 Shares of the Issuer, representing approximately 14.76% of the issued and outstanding Shares.



Sportgamma

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Re: Dumbdee - The Goodmans, The Bad & The Ugly - 30% of NAV bargain?
« Reply #457 on: December 14, 2018, 01:29:17 PM »
I also noticed that Horizon Kinetics had acquired a stake through the Renn Fund (see filing). It's a tiny stake but seeing as Renn is just a fraction of their total AUM and since they took it over they have only added positions that they already hold in their other funds, it wouldn't surprise me if they are Dundee elsewhere in their portfolios.

SafetyinNumbers

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Re: Dumbdee - The Goodmans, The Bad & The Ugly - 30% of NAV bargain?
« Reply #458 on: December 14, 2018, 03:48:43 PM »
Polar has added an additional 2.6 million shares since their last filing. Now almost up to 15%. One of the best small cap investors in Canada....


The requirement to file this report was triggered on November 13, 2018, when Polar, on behalf of client accounts over which it has discretionary trading authority, acquired 1,990,900 Shares of the Issuer.

Since the last report dated October 10, 2018, there has been a net increase of 2,559,000 Shares over which Polar, on behalf of client accounts over which it has discretionary trading authority, exercised control or direction, representing a net increase of 4.42% in the number of Shares over which Polar, on behalf of client accounts over which it has discretionary trading authority, exercised control or discretion.

As at November 30, 2018, Polar, on behalf of client accounts over which it has discretionary trading authority, exercised control or direction over 8,556,090 Shares of the Issuer, representing approximately 14.76% of the issued and outstanding Shares.

Are you or anyone else aware if they would have to disclose in this filing if they also had a position in the preferred shares?
Top 5 positions: ELF IAM GCM.NT/GCM PIF EFR.DB

petec

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Re: Dumbdee - The Goodmans, The Bad & The Ugly - 30% of NAV bargain?
« Reply #459 on: December 16, 2018, 01:18:09 PM »
So will pull out about $24 million from capital & sale price in the 4th quarter....


Dundee Corporation Announces the Sale of Dundee Securities Ltd. to Echelon Wealth Partners Inc.

TORONTO, Dec. 14, 2018 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (the “Corporation” or “Dundee”) today announced the sale of Dundee Securities Ltd. (“Dundee Securities”) to Echelon Wealth Partners Inc. (“Echelon”) for total consideration of $4 million. This transaction is also expected to provide Dundee with additional liquidity from Dundee Securities of up to $5 million and ongoing cost savings. In October 2018, approximately $15 million of regulatory capital supporting Dundee Securities was provided to Dundee Corporation.
As part of this transaction, veteran investment professional Les Sherman and his team will be joining Echelon in their Toronto office.

“The sale of Dundee Securities is consistent with our strategy of streamlining our portfolio of investee companies and focusing our efforts on core businesses that are positioned to deliver long-term shareholder value,” said Jonathan Goodman, Chairman and CEO, Dundee Corporation. “Prior to the closing of this transaction, our capital markets team at Dundee Goodman Merchant Partners, which was operating as part of Dundee Securities, was transitioned to operate as part of Goodman & Company Investment Counsel.”

“We would like to thank Les and his team for their many years of dedication and wish them well as they transition their business to the Echelon platform,” said Robert Sellars, Executive Vice President, and Chief Financial Officer, Dundee Corporation.

All required regulatory approvals have been received and the transaction is due to close at the end of business on December 14, 2018

So they’ve already taken 15m of capital out, they’ll take 5 more, and then they’ll be paid 4? Am I reading that right?