Entered Chuokeizai-Sha Inc (TYO:9476)

Chuokeizai is a Japanese publishing company, focused on professional literature in business, accounting etc.  The shares are currently trading at a discount to net current asset value. On a quantitative basis the share looks ok.

Entered at 420 ¥ or P/NCAV 0.61.





Entered MultiClient Geophysical (MCG)

MultiClient Geophysical is a small cap Norwegian company that holds a library of survey data. The data is used for resource exploration. With the downturn in oil price the business seems frozen.

On the plus side the company has a strong balance sheet and low burn rate. The company is trading close to net-cash. Entered at P/NCAV 0.57.