Good News (Finally) At RCU

After 18 months of disappointments, it’s nice to get a positive announcement from RCU. Yesterday the trust announced the sale of RSA Bedford Woods for a 6% discount to book value. That mightn’t sound great – it is RCU’s best asset – but when you’re trading at less than half book, a 6% discount is seriously good news. The proceeds enable it to repay US$87.4m of debt and add a little to the cash balance. RCU will be left with two unencumbered assets (US$0.39 of book value), US$0.39 of net assets in the Saban joint venture (a portfolio of...

After 18 months of disappointments, it’s nice to get a positive announcement from RCU. Yesterday the trust announced the sale of RSA Bedford Woods for a 6% discount to book value. That mightn’t sound great – it is RCU’s best asset – but when you’re trading at less than half book, a 6% discount is seriously good news.

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