Marathon Resource Investments on Endeavour Financial
By Robert Mullin, Marathon Resource Investments LLC
Endeavour Financial (EDV-TSX) is a Canadian merchant bank that has always traded at a discount to its Net Asset Value (NAV) but now the company trades at a discount to the value of just one of its investments – Crew Gold (CRU-TSX: $0.265).
The Crew Gold position alone is worth 10% more than the current share price - $214.67 million, while EDV’s market capitalization of $196 million, based on a $2.01 share price.
This market anomaly recently happened as Endeavour’s US$92 million investment in Crew Gold – which was completed only one month ago, in January 2010 – quickly more than doubling from 12 cents to its current 26 cents.
Marathon Resource Investments on Endeavour Financial
Comments on this entry are closed.