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M-Spec Industrial Resources 1st Quarter Dividend and Operating Results
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Jay Aaron
M-Spec Industrial Resources Ltd
Agents of Fortune
#1 - 2014-04-03 19:16:10 UTC
M-Spec Industrial Resources Ltd (MTLS) is pleased to announce a 1st quarter dividend of 10,000 ISK per share, payable on Tuesday, April 8 to shareholders of record as of Sunday, April 6.

During the quarter, share net asset value rose from 387,200 ISK to 391,900 ISK. Shareholder return, including dividends, amounted to 3.8%. Significant price appreciation in isotopes and modest gains in mid-tier minerals were tempered by a broad decline in planetary materials in arriving at the quarterly return.

For the year, share net asset value rose from 344,500 ISK to 391,900 ISK. Total return for the year, including dividends of 40,000 ISK, amounted to 25.4%.

As of March 31, M-Spec's assets totaled 494 billion ISK, of which 15 billion was in cash.

For more information, contact Jay Aaron.
Thoraemond
Far Ranger
#2 - 2014-04-04 08:14:42 UTC
Jay Aaron wrote:
M-Spec Industrial Resources Ltd (MTLS) is pleased to announce a 1st quarter dividend of 10,000 ISK per share, payable on Tuesday, April 8 to shareholders of record as of Sunday, April 6.

During the quarter, share net asset value rose from 387,200 ISK to 391,900 ISK. Shareholder return, including dividends, amounted to 3.8%. Significant price appreciation in isotopes and modest gains in mid-tier minerals were tempered by a broad decline in planetary materials in arriving at the quarterly return.

For the year, share net asset value rose from 344,500 ISK to 391,900 ISK. Total return for the year, including dividends of 40,000 ISK, amounted to 25.4%.

As of March 31, M-Spec's assets totaled 494 billion ISK, of which 15 billion was in cash.


In-game, M-Spec is shown to have 20 million shares outstanding. If M-Spec's assets total only 494 billion ISK, how do you explain your valuation of the corporation at 7.8 trillion ISK = (20 million shares × share net asset value of 391900 ISK)?

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Elizabeth Norn
Nornir Research
Nornir Empire
#3 - 2014-04-04 10:57:24 UTC  |  Edited by: Elizabeth Norn
This report should please your shareholders, you appear to have increased your NAV substantially more in this quarter, compared quarters.

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Jay Aaron
M-Spec Industrial Resources Ltd
Agents of Fortune
#4 - 2014-04-04 13:35:06 UTC
Thoraemond wrote:
In-game, M-Spec is shown to have 20 million shares outstanding. If M-Spec's assets total only 494 billion ISK, how do you explain your valuation of the corporation at 7.8 trillion ISK = (20 million shares × share net asset value of 391900 ISK)?


Great question. M-Spec has 20 million shares authorized, but only 1,260,525 shares issued and currently outstanding. When we founded M-Spec in 2009, we took a very long-term and perhaps optimistic view of where the company and, for that matter, the corporation game mechanic as a whole, could go in authorizing so many shares. Maintaining a balance of authorized but unissued shares enables us to grow the company gradually by issuing new shares in smaller increments over time, without having to go through a voting process to create new shares each step of the way. It also gives us room to split the stock or issue stock dividends as the share net asset value continues to grow, should we choose to do so at some point in the future.

Current balance sheet and share information may be found at any time by clicking on my bio. We usually update the info a couple of times per month.

Elizabeth Norn wrote:
This report should please your shareholders, you appear to have increased your NAV substantially more in this quarter, compared quarters.


While there were a couple of bright spots, it was a rather flat quarter for the industrial materials market as a whole. We’re pleased that we were able to cover the dividend plus eke out a modest gain in share value during the quarter. We’re very pleased with year over year growth in share value.