full year results highlights, page-13

If you are contemplating owning this stock then you should consider gaining exposure via AEP. AEP owns approx 33% of IBA and this investment represents some 40% of its total assets. AEP trading at $1.85 againgst an NTA of some $4.75 per share ( of which some 70-80 cents is cash) effectively gives you exposure to IBA for free. AFG owns the manager of AEP and is committed to pay $5.00 late next year on a purchase of existing shares from the Liberman family. Thus given AFG's current position they are going to have to see / start some corporate action on IBA in order to get AEP's share price up or to put AEP in position to return funds to shareholders in order that they may meet their financial obligation to the Liberman family. AFG will not get funding simply to take the Liberman family shares long term thus the fuse is lit. Also trading cum 6c divi and announced a buyback to commence mid September, go figure. Sure less liquidity in the stock but the discount is enormous ( and no direct or recourse debt), and you know that one way or other AFG only has about a year, regardless of outcome this stock price will be seriously up.