Google Finance
Filing
Feb. 11, 2015
2014 Q3 Data
1.Major Business.
Previously its a mining company. Now it has been converted to a investment company which close to close end fund.
2.Balance sheet.
Recent price is $0.49. Share outstanding 45.6m. Market Cap: $22.3m. Equity value $34.5m. $28.9m in cash + $5.6m in stock investment.
3.Credit facility.
5.Insider holding, options, Insider trading info, share buy back.
Paul van Eeden: president, 4.65m around 10%.
There is 2m options outstanding, ave price $.63.
6.Management compensation.
7.Employee numbers. Revenue/Employee. Compensation/Employee.
8.Industry comparison.
9.Auditor
10.Major events.
11.Comments.
(1) This is a very simple stock. Paul van Eeden prepare to use it to invest in junior mining companies. Currently it is trading about 65% of NAV.
(2) Based on Q3 2014, the company's running rate is around $800k which is about 2.35% of total asset. That includes all corporate expenses. Currently the $29m cash generates around $400k in interest every year. That is around 1.4%. After the interest income, the company's burning rate is just $400k/year.
(3) In June, 2014, it invest $5m in private placement for 1m share of Mountain Province Diamonds(TSE:MPV). At June 30th and Sept 30th the stock price is $5.11 and $5.6. Currently MPV's price is down to $4.9 again.
(4) Glenn wrote quite well information about MPV in below link. However, currently the construction is 60% completed. And expect to began commercial production in 2017. I will spend more time on it when got time. During the past half year, most mining stock got hit hard because of oil price jump. But MPV has been preformed quite well compare to them.
(5) Paul van Eeden is pretty successful running Cranberry Capital which is a private investment company. His view of fair value of gold is quite impressive. If I have time, I would read more of his writings.
(6) In my opinion, Paul van Eeden did a great job to cut the cost and tuning the company around. If he cautiously select and invest in resource sector, given currently the whole sector is been beating down, the company might doing very well in the future.
12.Links
https://glennchan.wordpress.com/tag/kobex-minerals-cvekxm/
Updated July 08, 2015
Current Price: $0.455.
(1) Now market price $20m. Book value around $33.5m. It now has 1.175746m share of MPV after right offering. Current price of MPV is close to $5.00.
(2)Q1 2015 running rate decreased to just $30k including interest income. Interest income of the $28m cash is only $91k close to 1.3% annual rate.
(3)After one more year, Paul van Eeden is still not making new investment. I think he continue buying for his Cranberry Capital for a larger position or just there is no good investment candidate for him. With mining stock down a lot those days. His investment to MPV seems pretty a good one.
(4)The company currently has $12.6 capital loss and $21m non-capital loss for tax. If use 50% discount for non-capital loss and a 25% tax rate. It comes with ($12.6 + $21*50%)*25% = $5.7m. This is some hidden value which is not included in its financial statement.
(4)Currently it is trading just 60% of book value with lower running rate. However, when I am using a DCF calculation with 3 years and a 20% discount rate. It just about to make a even at $19.1m market cap. Overall current price is more attractive than before.
Update:
https://glennchan.wordpress.com/2015/10/30/kingsway-financials-activist-battle-with-kobex-capital/
10.Major events.
11.Comments.
(1) This is a very simple stock. Paul van Eeden prepare to use it to invest in junior mining companies. Currently it is trading about 65% of NAV.
(2) Based on Q3 2014, the company's running rate is around $800k which is about 2.35% of total asset. That includes all corporate expenses. Currently the $29m cash generates around $400k in interest every year. That is around 1.4%. After the interest income, the company's burning rate is just $400k/year.
(3) In June, 2014, it invest $5m in private placement for 1m share of Mountain Province Diamonds(TSE:MPV). At June 30th and Sept 30th the stock price is $5.11 and $5.6. Currently MPV's price is down to $4.9 again.
(4) Glenn wrote quite well information about MPV in below link. However, currently the construction is 60% completed. And expect to began commercial production in 2017. I will spend more time on it when got time. During the past half year, most mining stock got hit hard because of oil price jump. But MPV has been preformed quite well compare to them.
(5) Paul van Eeden is pretty successful running Cranberry Capital which is a private investment company. His view of fair value of gold is quite impressive. If I have time, I would read more of his writings.
(6) In my opinion, Paul van Eeden did a great job to cut the cost and tuning the company around. If he cautiously select and invest in resource sector, given currently the whole sector is been beating down, the company might doing very well in the future.
12.Links
https://glennchan.wordpress.com/tag/kobex-minerals-cvekxm/
Updated July 08, 2015
Current Price: $0.455.
(1) Now market price $20m. Book value around $33.5m. It now has 1.175746m share of MPV after right offering. Current price of MPV is close to $5.00.
(2)Q1 2015 running rate decreased to just $30k including interest income. Interest income of the $28m cash is only $91k close to 1.3% annual rate.
(3)After one more year, Paul van Eeden is still not making new investment. I think he continue buying for his Cranberry Capital for a larger position or just there is no good investment candidate for him. With mining stock down a lot those days. His investment to MPV seems pretty a good one.
(4)The company currently has $12.6 capital loss and $21m non-capital loss for tax. If use 50% discount for non-capital loss and a 25% tax rate. It comes with ($12.6 + $21*50%)*25% = $5.7m. This is some hidden value which is not included in its financial statement.
(4)Currently it is trading just 60% of book value with lower running rate. However, when I am using a DCF calculation with 3 years and a 20% discount rate. It just about to make a even at $19.1m market cap. Overall current price is more attractive than before.
Update:
https://glennchan.wordpress.com/2015/10/30/kingsway-financials-activist-battle-with-kobex-capital/
