VHI - Valhi: Cancellation Of Preferred Shares Massively Increases Shareholder Equity
Previously, I wrote up a detailed take on the Contran Corporation companies, National Lead (NL), Kronos Worldwide (KRO), CompX International (CIX), and Valhi (VHI). Since that article, Valhi has experienced multiple significant changes that deserve further attention.
Preferred Shares Cancellation
If a tree falls in the forest and no one hears it, does it make a sound? On August 12th, Valhi cancelled their $667m of preferred shares for no consideration. Considering the business market cap is about $300m, this removes an overhang over twice the size of