Each share in Caribbean Investment Holdings gave rise to 1.25 Waterloo Investment Holdings. I think WIHL is worth 80p. The last trade (very recent in fact) was that WIHL bought back 4,000 at c. 30p. This is of course pure nonsense. I imagine the seller wanted to fund a weekend in Brighton.
I expect that Lord Ashcroft will buy in the outstanding stock (c. 8% of c. 650m shares) at around 80p. But it could be considerably higher. My family continues to hold c.2m.
Midway just sits there. The Government of Belize has lost at every court in the world and still has not found the necessary with which to settle.
WIHL is notionally quoted on the Bermuda Stock Exchange. There is never any trade. I do not know why WIHL persist with it.
I have contacted Peter Gaze, the CEO. He seems to me to be a sensible chap. WIHL could go much further. Unless Brighton calls, hold on.