by The Alchemist Sun Sep 28, 2014 9:54 pm
hariesha wrote:[You must be registered and logged in to see this image.]"Alternatively the company will decide at an appropriate future time to divest part or in full the investment in Colombo Land and Development Co. PLC."
Is the appropriate time is gradually reaching ?
Hariesha, to be brutally honest, CITK has been a disaster for both the initial investors (90 %) + IPO investors (10 %).
For the initial investors who were "Privately Placed" at Rs 10/-, 3 years opportunity cost in FD is approx Rs 4, so there cost is around Rs 14. They have no option now than to buy some more around Rs 6 and average and hope the CLND magic works.
For the 10 % who subscribed to the IPO (@ 17.50) and held ?, they could have bought CLND with the Rs 17.50 instead and now have approx Rs 36 worth of CLND (instead of sitting with Rs 6 worth of CITK). For them, unless CLND goes to approx Rs 140, it could be still a opportunity loss.
Due to current situ, i think it is highly unlikely that any major moves will be made by UDA re pettah land, CITK property etc. all that may have to wait post elections ?
maybe its just not a good time to visit these "sensitive" issues especially with the connected parties concerned.
But yes, CITK < 6, has a NAV of Rs 12 based on current CLND Prices. and for all the hype about CLND, when has it ever made any real money ? it made 34 cts for 2013 dec after revaluing there property. all their big future plans will take money and time to materialise.
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