Opinions
Michael Simpson, CFA
Osprey Media Income Fund
OSP.UN-OTC
DON'T BUY
Mar 31, 2006
A newspaper trust, primarily small-town Ontario. Had some problems in that they came out with very high leverage. Not a bad business. Payout ratio was over 100% in 2005. Margins and room to maneuver is too tight.
$7.150
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A decent business, but it wasn't structured properly. At the time of its IPO, it had too much debt and the payout ratio was too high. You are in danger of getting a distribution cut. Once the cut is announced, probably in 2006, there will be a viscoral reaction by the market. They will look at the valuation at that time to see if it is worth while.
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