URBANA CORPORATION (TSE:URB)
Urbana Corporation (Urbana) is a Canada-based investment company. The Company invests across the exchange sector, from cash markets to derivatives and from private, mutually owned exchanges, to those, which are publicly traded. It focuses on acquiring interests in exchange properties for long-term gains. The Company’s investment portfolio comprises privately owned entities and publicly traded securities. Caldwell Investment Management Ltd. (CIM) acts as the investment manager and the portfolio adviser of the Company.
Net Current Assets (NCAV)
Urbana Corporation is made up of investment in stock market equities and private companies. The corporation is very investor friendly and provides a weekly update of their investment portfolio on their website. You may find it here. Their current portfolio of securities is currently (has of Feb 26th 2011) around 126M$. They also have a private equity investment value on previous transactions like Bombay Stock Exchange and others valued at 47M$.
Current investments are totaled up (including negative cash balance) to 173M$.
Current total debt and liabilities (including future tax liabilities credits) are 7M$ resulting in unaudited NCAV 166M$ or 2.0885$ per share. This represents a premium of 44% on current market price of 1.45$.
Their last 10Q is dating. Last report came in for period ending 2010-06-30, but revenue does not really matter on this investment because they are created from invested portfolio dividends and returns. General expenses are pretty conservative over the total portfolio management ranging around 1-2% of total portfolio value. It is about the same cost as a fund management fees, but you get the fund at 44% discount!
Disclosure: Author has a position in TSE:URB.