Central Square Management Says PICO Holdings Worth $14

Central Square Management Says PICO Holdings Worth $14

Activist investor Central Square Management takes PICO Holdings (NASDAQ: PICO) to task in a recent letter. It owns 5.7% of the company. It calls for a reconstitution of the PICO board and sale its stake in UCP (NYSE: UCP), the publicly traded homebuilder.

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Central Square says the value of its UCP stake alone is $14 a share and well above PICO’s $11 a share.

Here’s the full Central Square-PICO letter.

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The first London Value Investor Conference was held in April 2012 and it has since grown to become the largest gathering of Value Investors in Europe, bringing together some of the best investors every year. At this year’s conference, held on May 19th, Simon Brewer, the former CIO of Morgan Stanley and Senior Adviser to Read More

Leder Holdings put out a letter in July [here] and River Road owns 9% and has been active since the summer [more here]

Highlights on unlocking PICO’s value from the Cental Square letter:


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