PORTFOLIO UPDATE
All the positions I accumulated during the first quarter have now been sold. All were sold for a profit, with the most significant being PTGI gaining close to 40% since January.
During the trading day today I tweeted the following:
PTGI today announced the sale of their Australian unit for roughly $200 million US. While it is debatable whether or not they received adequate value for the unit, what can be said is that the company balance sheet continues to improve with the proceeds from this sale. It also shows you that there was indeed value here that was awaiting the right environment to be unlocked.
The sale of the Australian unit seemed like a culminating event over the intermediate term for PTGI. Paired with the fact that I was looking to get into a larger cash position, the temptation to lock in some nice gains simply proved too much.
I look forward to buying back into PTGI as I believe the company has substantial upside remaining over the next 1-2 years.
Continuing to hold positions in SYNC and CIS. Have a very small position in DPTRQ, which suffered through a disappointing day today. I am expecting to see some news with respect to whether shareholder value will be preserved or not by the end of this month.
Have a busy schedule of meetings during the day and entertaining a couple clients from out of town through Wednesday. If there is anything substantial or interesting to report, you'll see it on Twitter first. Follow me @Zenpenny1
