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AR Plymouth Rock Company


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and CET has discounted Plymoth Rock in it's valuation, so a double discount


Isn't it the other way around?

CET had 70,000 shares of Plymouth Rock which they valued at $154M corresponding to $2,200 per share on 31/12.

But the book value per share was reported by Plymouth Rock to be $1,816.43 per share on 31/12.

And it seems to me that the NAV of CET excludes the tax penalty incurred by the investor when CET eventually realize gains?




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Based on their own numbers Fairvalue: $3265 considering 20% discount for lack of liquidity" $2610


but on page 14 in the 2009 AR, https://www.prac.com/about-us/annual-reports/2009AnnualReport.pdf :

"Common stockholders’ equity per share $1,816.43"


Wouldn't the use of a "fair value" appraisal be similar to e.g. Fairfax getting an appraiser to vouch for a fair value per share of $700 and then concluding that the stock traded at almost 50% discount?




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