I can’t take credit for the rain, but I can sure tell you if the sky is cloudy.
Last week, I said of Invictus MD Strategies (IMH.C):
Where it’s at: IMH has slowly bought up almost all of Future Harvest, then sold off its Sunblaster product line for over $4 million. The market cap of IMH currently? $2.4 million. Arbitrage time. […] There’s going to be an event at some point that re-calibrates this company’s share price, I just don’t know why it hasn’t happened yet.
Well, it happened.
Invictus is pleased to announce that its Board of Directors have approved the payment of a cash dividend of $1 million. This represents $0.108 per share based on the current number of shares issued and outstanding of 9,238,805. The dividend is payable on Monday November 24th, 2016 to shareholders of record as of Thursday November 10th, 2016.
The stock has already climbed 6c, or 10%, on the news. That’s a good play by CEO Dan Kriznic, and gives folks not only a reason to get in on the stock, but stay in for the next month, right up until that California vote.
It also gives Kriznic a month to figure out a plan for the rest of that cash, with something that will inspire renewed interest in his outfit beyond that November cut-off. Watch this space.
Congrats to anyone who bought in.
And to those who don’t know what a dividend is, because they’ve never seen one in the smallcap space, it’s when a company sends you a piece of their profits. I know, right? Crazy!
— Chris Parry