Yesterday something happened with Premier Exhibitions (NASDAQ:PRXI) that only happens to the most illiquid of issues. AJB Capital, an investor in the company, issued a press release stating it has acquired ~5% of the shares and urged the company to prioritize monetizing the Titanic assets and promptly the stock jumped 50%.
A ridiculous price reaction and I say so owning shares of the company.
Premier Exhibitions main attraction to both investors and customers of its shows over the years has been the artifacts of the Titanic that are in possession of the company.
While the company is no good at making a profit on its exhibitions (something that has hopefully changed since the Dinoking merger), these artifacts have been independently valued (by court order) and determined to be worth $180 million. Given the company's enterprise value of $14 million that's quite attractive even if it is exaggerates the value of the assets quite a bit.
Read more; http://seekingalpha.com/article/3961691 ... t-intraday