Some good news out of Tejoori – they are disposing of one of their plots of land for $6.4m USD (announcement here). As of yesterday the Market cap of TJI was $4.2m so there has been a healthy rise.
Price still doesnt reflect NAV of TJI which is $33.3m.
For those interested… My lowest entry price was 3 cents a share – although I also bought at 10 cents and sold some bought at 3 cents at 5%… I find it very difficult to manage my portfolio with a share moving like this… If I hadn’t sold some 23% of my portfolio would be TJI – an insane weighting for a stock with a capitalisation of £2.9m… So I basically had to sell – right now the weight is at 7%
See initial rationale:
In addition my subsequent addition…
https://deepvalueinvestments.wordpress.com/2015/07/22/tejoori-halved-in-price-so-lets-buy-more/
10X your investment not bad in anyones book!
Question is what to do now – I dont really want to sell, I suspect in the morning this may be north of 30p and will spike then dip as the long suffering TJI shareholders – cents 120 to 3 cents in 8 years will look to get out their newly recovered wealth.
I’m still not entirely happy with the company – they want to keep some of the money and invest. Given their track record I recon an arsonist with a pile of my money and a lighter would have more chance of producing a positive return….
Still they will return some of it – thats enough.
Drop me a comment if this did well for you…
Deep Value Investments Blog 
Thank you for interesting article. I have big problem with the incapable management, so i will not invest this one. Looking at Martin Hage, Bekon and of course the land valuation, they burnt too much money for too short time. I like that pwc and now kpmg are uditors, but still i am not sure about the downside protection
Thanks for the comment.
Yes the management isnt great, they couldnt invest their way out of a wet paper bag…
But.
They have lost about half the value they had in 08 – NTAV to NTAV. But the land on the books may be worth a bit more. This could be worse…
The management have lost the money through stupidity, not malice…
Bekon was bad luck – who knew oil would plunge in price?
Hage was a con, clearly…
Much of it is their own money – mgt shareholders own 16% of Market cap…
Cash they have after initial land sale probably worth $10m USD , 7m GBP. Market cap is £4.4m, they have more plots to sell, they say they will return capital – when they sell more or return capital its likely this will go up more – possibly after Ramadan.
I’d like everything returned here – there is scope for an activist to come in or mgt to change their mind – they havent paid themselves much…
Check out RMA or SIHL if you would like a more mainstream alternative….