Tejoori LTD

Ticker
$TJI:LN
Buy Price
$0.43
Holding Type
Option
Investment Theme
Liquidation
Open/Closed
Closed
Trade Date
February 1, 2017

This is an $11m company which I have been buying at $0.43/share. Tejoori is a Dubai-based, London-traded real estate investment company. The business has been selling properties and now consists entirely of cash and receivables (i.e. no real estate holdings remain).

The balance sheet now consists of the following:

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This is 60%+ upside from today’s price if full value can be realized. While management has commented they intend to return a portion of the proceeds to shareholders, there is no guarantee they will liquidate the company and return everything. Without knowing whether they will liquidate, I can’t own this as a large position. Downside looks well protected and some cash at a minimum will be distributed. Upside could be anywhere from 10% to 60%.

UPDATE: I received a $4,481 liquidating distribution on 5/22/18 (~$0.60/sh). This was a 29% IRR over approximately 16 months.