In my post on my top 5 stock heading into the new year, I mentioned 2 that just missed the cut: Asta (ASFI), which was literally just edged out for the fifth spot, and Lakeland (LAKE), which held the fifth spot until I sold a good bit of my holdings into a run up in share price. Both had interesting news come out today to start the new year, so I thought I’d post them for those interested.
First, Asta announced a new $20m line of credit. The company has a massive net cash balance, so they took out this line of credit to have flexibility in case opportunities for a big acquisition or portfolio purchase come around. Personally, I think they have a huge opportunity staring them in the face to get really aggressive repurchasing shares with their cash balance, but at least they have this line of credit in case the economy turns south and some good purchases pop up.
Second, I saw this article discussing Ansell’s investment in LAKE. I think the title- “Lakeland fits Ansell like a glove”- says it all.
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