Value investors add some candy to their carts

grocery-cart-moneyI don’t intend commenting on all headlines and especially not on individual transactions or companies. That said, I wanted to come back on an earlier post on value investors taking up suffering property stocks. In that post, I commented on value investor Andrew Weiss, who had by then built up a 12% share in AIM-listed property firm Treveria (formerly known as Dawnay Day Treveria). That moment, TRV traded at EUR 0,075.

Yesterday, it was announced that Weiss Asset Management had crossed the 15% treshold and is now holding 91,486,552 shares, or 15,2% of the stock in Treveria. Closing share price: EUR 0.1425 (up 90%). So a quick recap: on the 72,993,683 that were owned on March 3rd, a profit of some EUR 4,9m has been made. On April 2nd, Treveria published an adjusted NAV of  EUR 0,684 for the year ending December 31st, 2008. So TRV is still trading at 20% of that published NAV. I wonder why that is.

Today, Treveria’s former stephsister company Carpathian received a takeover offer from New Europe Property Investments , at a price of EUR 0.20. Most recent NAV figures date back to Sept ’08 and indicate £ 1.338 per share (that is pound sterling, mind you).