CCUR
CCUR HOLDINGS INC
stock OTC

Given my past experience, I'd skip. This is activist target and unless you can join activist on equal rights, I'd skip. Overall, it is a good find and thank you for bringing this up. valueinvesting reddit should have more of posts like this VS "check out my 12% portfolio or here are all time lows for bunch of non value stocks, etc, etc, etc"
Longer explanation.
Thanks for bringing it up. Most likely .97 to book value is in non-inflation adjusted terms. Since company is public since mid 1980s, a lot of assets on its books could be from 1980s prices. One needs to go to that numbers to calculate actually inflation adjusted book value. Remember that all assets on the balance sheet are carried at the prices of acquisition / going public. I've done this with DDS when it was prices between $25-$50 in 2020 per share. (my modest estimate was that their book value is between $90-$120).
Large problem with Tejon is entrenched board of directors. Yes, there is activist but activist only holds 1.8% of total Tejon stock which represents 8 mil which in itself represents 13% of AUM of the activist.
(https://adviserinfo.sec.gov/firm/summary/173067 see form ADV page 5 for amount of money under management).
13% is pretty sizable bet for net-net like this one. the play here is probably to attract other activist investors.
It does look that fund convinced bigger shareholders such as Calpers to vote in their favor:
[https://www.sec.gov/Archives/edgar/data/96869/000092189524001102/px14a6g14119002\_05092024.htm](https://www.sec.gov/Archives/edgar/data/96869/000092189524001102/px14a6g14119002_05092024.htm)
They however failed to make any changes this past May despite providing large vote of no confidence
[https://www.sec.gov/Archives/edgar/data/96869/000092189524001280/px14a6g14119002\_05202024.htm](https://www.sec.gov/Archives/edgar/data/96869/000092189524001280/px14a6g14119002_05202024.htm)

Now, next is for board of directors and entrenched management to decide, whether to face some delayed court action if it can be proven that they violated fiduciary duty (very unlikely, right?), use some available or newly introduced poison pill or have another face off with activist next year. And if there is another face-off with activist, management can simply make an offer to that activist and let everyone else hanging, unless activist is sort of "white knight" activist.
Having been into these kind of situations and having lost money on this, I'm inclined to pass.
After all, as Buffett noted, in case of activism management has a lot more to loose than activist.
Management will fight for their jobs as if they're fighting for life and for activist it is mere 13% positions of AUM.
Strong signal would be if activist would increase their stake considerably, say to 5% of total stock outstanding (so go from 13% to 36% of AUM). In this case I'd gladly join the fight but price at that point would be much higher.
To conclude, such companies might provide better value after proxy fight is over AND when activist investor is not greedy.
Examples of activist investor who is not greedy is Tim Eriksen (CEO of SODI), examples of greedy investors who would screw shareholders are Singer family and Volshteyn (CCUR, SEAC, companies are going dark at prices below their liquidation value because Singers own majority of voting rights)

Given my past experience, I'd skip. This is activist target and unless you can join activist on equal rights, I'd skip. Overall, it is a good find and thank you for bringing this up. valueinvesting reddit should have more of posts like this VS "check out my 12% portfolio or here are all time lows for bunch of non value stocks, etc, etc, etc"
Longer explanation.
Thanks for bringing it up. Most likely .97 to book value is in non-inflation adjusted terms. Since company is public since mid 1980s, a lot of assets on its books could be from 1980s prices. One needs to go to that numbers to calculate actually inflation adjusted book value. Remember that all assets on the balance sheet are carried at the prices of acquisition / going public. I've done this with DDS when it was prices between $25-$50 in 2020 per share. (my modest estimate was that their book value is between $90-$120).
Large problem with Tejon is entrenched board of directors. Yes, there is activist but activist only holds 1.8% of total Tejon stock which represents 8 mil which in itself represents 13% of AUM of the activist.
(https://adviserinfo.sec.gov/firm/summary/173067 see form ADV page 5 for amount of money under management).
13% is pretty sizable bet for net-net like this one. the play here is probably to attract other activist investors.
It does look that fund convinced bigger shareholders such as Calpers to vote in their favor:
[https://www.sec.gov/Archives/edgar/data/96869/000092189524001102/px14a6g14119002\_05092024.htm](https://www.sec.gov/Archives/edgar/data/96869/000092189524001102/px14a6g14119002_05092024.htm)
They however failed to make any changes this past May despite providing large vote of no confidence
[https://www.sec.gov/Archives/edgar/data/96869/000092189524001280/px14a6g14119002\_05202024.htm](https://www.sec.gov/Archives/edgar/data/96869/000092189524001280/px14a6g14119002_05202024.htm)

Now, next is for board of directors and entrenched management to decide, whether to face some delayed court action if it can be proven that they violated fiduciary duty (very unlikely, right?), use some available or newly introduced poison pill or have another face off with activist next year. And if there is another face-off with activist, management can simply make an offer to that activist and let everyone else hanging, unless activist is sort of "white knight" activist.
Having been into these kind of situations and having lost money on this, I'm inclined to pass.
After all, as Buffett noted, in case of activism management has a lot more to loose than activist.
Management will fight for their jobs as if they're fighting for life and for activist it is mere 13% positions of AUM.
Strong signal would be if activist would increase their stake considerably, say to 5% of total stock outstanding (so go from 13% to 36% of AUM). In this case I'd gladly join the fight but price at that point would be much higher.
To conclude, such companies might provide better value after proxy fight is over AND when activist investor is not greedy.
Examples of activist investor who is not greedy is Tim Eriksen (CEO of SODI), examples of greedy investors who would screw shareholders are Singer family and Volshteyn (CCUR, SEAC, companies are going dark at prices below their liquidation value because Singers own majority of voting rights)