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Chris DeMuth Jr.
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"It's not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it - who look and sift the world for a misplaced bet - that they can occasionally find one." - Charlie Munger I look... More
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  • Meet Two Of The Converted 5 comments
    Sep 6, 2013 7:54 PM | about stocks: OBAF, OSHC

    There is a regulatory prohibition on a financial institution selling itself within three years of a mutual conversion. However, once that time is up, such institutions can become attractive takeover targets. Two institutions whose time is up are Ocean Shore (NASDAQ:OSHC) and OBA Financial (NASDAQ:OBAF). Both should sell this year. We are confident that their investors will energetically push for just such a sale by the end of this year. If they succeed, OSHC has about 40% upside and OBAF has about 20% upside from their current prices.

    Disclosure: I am long OBAF, OSHC.

    Additional disclosure: Chris DeMuth Jr is a portfolio manager at Rangeley Capital, a partnership that invests with a margin of safety by buying securities at deep discounts to their intrinsic value and unlocking that value through corporate events. In order to maximize total returns for our partners, we reserve the right to make investment decisions regarding any security without further notification except where such notification is required by law.

    Themes: mutual conversion Stocks: OBAF, OSHC
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Comments (5)
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  • steppppo
    , contributor
    Comments (214) | Send Message
     
    Hi Chris -- I'll throw one more out there. Have you looked at Simplicity Bancorp (ticker SMPL)?

     

    Quick glance shows the stock trading at about 85% of tangible BV. Three year period ends in November, I believe.
    11 Sep 2013, 10:11 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4041) | Send Message
     
    Author’s reply » We do not own it at the moment. We would own it a bit cheaper.
    11 Sep 2013, 03:14 PM Reply Like
  • steppppo
    , contributor
    Comments (214) | Send Message
     
    Hi Chris -- in case you hadn't seen this already:

     

    "Activist Seidman Pressures OBA Financial in Maryland to Sell"

     

    http://bit.ly/1925L5a
    5 Oct 2013, 02:31 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4041) | Send Message
     
    Author’s reply » Good; thanks.
    5 Oct 2013, 02:39 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4041) | Send Message
     
    Author’s reply » If you are interested in a convenient way to get exposure to such ideas, you can do so here: http://bit.ly/1gAxjhM
    19 Mar, 01:47 PM Reply Like
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