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https://twitter.com/puppyeh1/status/1932979263302689241
https://twitter.com/TRAVmoneyofmine/status/1849332859515081174Greentech is basically a holdco w/ that consolidates its 82% owned sub, YT Parksong, that owns 50% in Renison. Parksong itself JV-accounts Renison (ie just 50% of Renison assets, liabilities, earnings, etc) meaning Greentech accounts show this 50% number (not their 41% true interest)
https://twitter.com/puppyeh1/status/1818618036271943882$CDRO is two B2C igaming businesses in 2 countries (essentially) - Spain and Mexico. both are v diff markets (maturity; growth rates; etc) but quite attractive in their own way.
https://twitter.com/puppyeh1/status/1826124073124114874Recall the three criteria (absolute stonking cheapness; most all value in non-operating liquid assets; open register).
https://twitter.com/puppyeh1/status/1825518135069507774(which often happens w/ controlled or subsidiaries etc) is a pretty bad risk/reward outcome. The fact that many net-nets tend to be bad businesses (chronically poor return and/or no growth), only compounds this worry.
https://twitter.com/puppyeh1/status/17788035337160419232) Leonoil, another SL-affiliated entity (maybe the state oil co?) bought 5% in the market, maybe at 13c avg:
https://twitter.com/puppyeh1/status/1775331934148960411also - this is SUPER BIG BOY PANTS territory. I have a position - sized like play money for me. My cost basis is 11, 11.5c more or less. i dont think it goes to zero - but that outcome is still possible here...so please, DYODD and always practice safe stonks ππ
https://twitter.com/kingfishcap/status/1760900044524552209Some of the key things I try to DD beyond the pure legal docs etc are things like jurisdiction (good? bad? middling?); operating asset (or not); and then governing law/treaty status.
https://twitter.com/puppyeh1/status/1730418373195120851what exactly is the mkt pricing in at 75c? Something like this:
https://twitter.com/puppyeh1/status/1717374739172544514...from $1.8 to $1.6 and change, post latest disclosures (mostly on cost creep in core biz).
https://twitter.com/TheRealDavey2/status/1717708399339856074Quick SoTP: cash sales proceeds $84mm + $20mm residual 1/3 of Domains + remainco biz $5mm NET PROFIT (hidden in the PR) at say 8-10x ie $40-50mm. On 329mm shs that's 45.1c (using mids on remainco).