according to some info , Capital trust not allowing prices to go up. better CITK shareholders can wait for some time. until capital trust collect this share. They will collect share bellow 6
Capital Trust bought at the private placement at 10/-. Maybe they are trying to average their quantity. They have 10% or 16 million odd shares now as per June statement. March statement they had 8% or so. So they are definitely collecting from the market. NAV is now 8.61. The loans are killing CITK. If CLND goes up then they will have some gain in the share portfolio. But they cant book that. That's the problem. Well we can only wish for a run after CLND Liberty plaza development is completed. I was told that it should be completed in the next 2 months. Have to wait and see.....
CLND is long term investment to CITK. If CITK going to start hotel it will rise money from a right issue.
CLND is a value gem. I have mentioned this couple of years earlier. They legally process a huge land ( 10 acreas) within pettah but they physically doesn't process it. After DJ join the board and his close friend Def Sec is in controlling UDA getting this land is highly possible. I assume it is possible when DJ is ready to accept.
But the main problem is with the owners of the company.
Look at the top 20 share holders
DJ , ceybank,capital trust,godahewa,nawaloka, thoradeniya, silva process around 46% of the CLND. All of these entries except UDA, Kalpitiya beach collected shares above 40. It is impossible if they calculated the price correctly. Most probably they know something ahead.
I think this time DJ don't want to play. But he need to collect the share and take the control of the CLND.
If CLND is given the land NAV can be jumped over 100.
As I told earlier the problem is with shareholders. Related party only posses 46% of the shares.
Still there are 16% of shares in the hand of the public. DJ try to buy back these shares before he get the land.
Also if you are a Kalpitiya share holder, there is some thing you can be happy. Def Min secretly allocated 900 acrea land in Wilpattu for tourism. In this 900 acres people can feel what is happening in Africa. They will see Lions, Elephants ,.. but not in the cage but in the small jungle seperated (10 feet wall) from other area.