Seeking Alpha


Send Message
View as an RSS Feed
View IanJC's Comments BY TICKER:
Latest  |  Highest rated
  • Buying Quality - Bellatrix Exploration [View article]

    Great stuff! I'm very similar in composition to you, in for 11% of my portfolio at $2.83.
    Jun 6, 2015. 05:42 PM | 1 Like Like |Link to Comment
  • Sprott Resource Corp Announces CEO Change Up - What It Means For Shareholders [View article]
    All numbers below in CAD.

    By my calcs NAV is ~$4.17 as of today. Why would a new investor find SCP attractive? ~$2.08 of the NAV is Long Run which is in a strong upward trend (, ~$0.84 in gold, ~0.20 in cash. Right there you've got ~$3.12 which is enough to cover the current price of $2.99. The current price doesn't include ICD, Potash Ridge, Stonegate, Virginia Energy, Union Ag, OEF or OEOG. Regardless of performance or lack of liquidity all of these other investments aren't worth a combined $0. Seems a little excessive for the market not to include at least a portion of the ~$1.05 book value these investments represent. Let's take a particularly pessimistic view and mark them all down by half. That's still a total of ~$3.65 worth of assets you can buy for $2.99. Seems a strong case can be made claiming SCP is at least 20% undervalued.

    If and when there is a successful sale or some other positive occurrence (I respectfully disagree with the author, closing of the margin account should be done immediately) the gap should close a bit.

    The good news is we have an ongoing buyback (~300k shares bought back in Sept.) and should see a Q3 NAV up 15% over Q2 when they release the numbers, which may pique some interest from prospective investors.
    Oct 24, 2013. 09:18 PM | 3 Likes Like |Link to Comment
  • Sprott Resource Announces Sale Of Gold And Continued Buyback [View article]
    My numbers give me NAV of $4.07, the stock traded at $2.81 as of Friday on the TSE.

    At this price you're just paying for Long Run (~$2.00 NAV) and the gold bullion (~$0.80). We can even count the cash as an offset (~$0.20) in case gold somehow drops to 1k/oz.

    Essentially at this price you're getting several additional investments for free which are diversified through agriculture and energy.

    If you can disregard managements recent problems and feel they won't repeat them in the future there is real value here.
    Sep 22, 2013. 01:31 PM | 1 Like Like |Link to Comment
  • VRNG - Ready To Run [View instapost]
    Is there a target you're looking to hit?
    Feb 22, 2013. 02:47 AM | Likes Like |Link to Comment
  • Mimvi Partners With Entrepreneur Media And Microsoft [View article]
    @caddy311. I appreciate the response, thanks.
    Nov 28, 2012. 04:27 AM | Likes Like |Link to Comment
  • Mimvi Partners With Entrepreneur Media And Microsoft [View article]
    Being new to investing please tell me how this, found in the 10-Q, ( for MIMVI, doesn't bother anyone.

    "Our insolvent financial condition also may create a risk that we may be forced to file for protection under applicable bankruptcy laws or state insolvency statutes. We also may face the risk that a receiver may be appointed. We face that risk and other risks resulting from our current financial condition.

    During the nine months ended September 30, 2012, we raised $940,000 in equity financing and $100,000 in debt financing (net of repayments); however, this does not alleviate our current financial position, nor does it enable us to sustain our current operations.

    For these and other reasons, we anticipate that unless we can obtain sufficient capital from an outside source and do so in the very near future, we may be unable to continue to operate as a corporation, continue to meet our filing obligations under the Securities Exchange Act of 1934, or otherwise satisfy our obligations to our stock transfer agent, our accountants, our legal counsel, our EDGAR filing agent, and many others.

    [...] Apart from the limited funds that we have received there can be no assurance that we will receive any financing or funding from any source or if any financing should be obtained, that existing shareholders will not incur substantial, immediate, and permanent dilution of their existing investment."
    Nov 25, 2012. 04:21 PM | 1 Like Like |Link to Comment