Central Securities Corporation

[bookie71]

The 2009 annual report is out at:

http://www.centralsecurities.com/AnnualReport2009.pdf

Chuck

[Munger_Disciple]

Looks like they have a 30% stake in a private insurance company Plymouth Rock. Does anyone have any information on Plymouth Rock?

[bookie71]

On their site I believe they have the appraisal and it is discounted because of lack of marketability, I haven't checked recently. but it was on there a few months ago.

[Tim Eriksen]

Plymouth Rock's web site www.prac.com has annual reports and yearly appraisal information.  The 2009 appraisal valued Plymouth shares at $3,265 less a 20% discount for lack of marketability, resulting in a $2,610.00 per share value.  It looks like Central Securities discounts it further to $2,200 per share ($154 million divided by 70,000 shares).  EPS for Plymouth was around $200 per share in 2007 and 2008.  Book value was $1,543 at the end of 2008.  2009 results will benefit from the sale of Direct Response Coroporation which will result in a $14.9 million gain before income taxes ($81 per Plymouth share before income taxes).