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I've not let on to the peeps over at CIHL that I believe that Ashcroft is preparing to *sell* the company, and that the shares could be worth up to £1 each. I wonder if I should let on...

That is $109m for a total of three companies, of which one is CIHL. Also consider the big recent payouts to the "Ashcroft alliance" over BTL.

Can any of you accountants out there make sense of the "Government of Belize Securities $34m" on the balance sheet of the recent half-year report (29 December 2016)? It's a recent addition to the balance sheet. Is this our $35m in the form of, for example, a government bond which has lost value from $35m to $34m?

The 35m may already be factored into the balance sheet. If you look at the half year report, it has "Govt of Belize Secutiries 34m", which is absent from the quarter year report. The award could have come in *under the radar* and consist of government bonds rather than cash, if the Govt of Belize (which is in dire financial straits) could not afford to pay cash.

According to the latest balance sheet, which has the $27.5m award factored in, the shareholders' equity is $54.2m, which in pounds is £44.4m. With there being just under 100m shares in issue, the NAV per share is therefore around 45p.

To see the directors' deals, see "BCB" ticker, as this is the old name of the company.

Deduct the shares in Treasury from the Total issued shares and you have 99m shares. If you look at the directors' deals, you can see that his staff have quite a few shares, e.g. Cheryl Jones etc.

There are only around 3m shares in free float. Ashcroft's directors have quite a few, plus a hedge fund in Seattle called Royce & Associates which has around 5-6%. These shares are truly thin on the ground.

The current price is indeed undervalued. The cash award alone is greater than the market cap. And then you have to add the core business which is the Belize Bank.

You are profoundly right. This means that the core business (the Belize Bank) is thrown in for free.

The $35m isn't inevitable. Could be another 6 months....

Thank you, my friend. But still a long way to go here. BTW, where's our old mate Yorkshireman!

The NAV of the company would make the shares worth around 45p each (including the $27m award which is already on the balance sheet as "Government of Belize Receivable").

If you read the company report (footnote 14), there is another award in the pipeline of $35m...

Well, I did tell you the shares were undervalued...

Happy New Year to you too!

http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/2-x-multiple-opportunity-in-bcbhf-cihl-us-court-arbitration-award-enforcement/

I've had chats with Ashcroft on Twitter. I mentioned I had a stake in CIHL and was waiting! Once the arbitration awards are sorted out with CIHL and the GOB (Govt of Belize), I'm thinking that CIHL will be the next sell-off multibagger. Please also see the next post I've just put over at CIHL, from another forum.

Yes. Marlowe (MRL) was Shellshock. Was as low as 30p, now 300p. Gusbourne was Shellproof. SP hasn't risen Impellam - you know about this already WIHL (Waterloo) - quoted on LMMX - www.wihl.com Normandy plc - quoted on LMMX The above of the companies where he has a majority interest. "If it's good enough for him, it's good enough for me". He also has interests in many other companies. Did I ever tell you, my father was an analyst who knew him? Ashcroft and he were friends for about 20 years.