Update on Greencastle

Back in February I posted on Greencastle (VGN). It was trading above 20 cents then and was on teh verge of a breakout. It has come down to 14 cents. I am down 22 percent on the position. However, since then its largest asset Deveron (FARM) has maintained its value. Greencasle has a market cap of $5.6 million at 14 cents. It owns 10 million shares of Deveron, plus other assets. Ignoring all those other assets and Deveron warrants, the Deveron position is worth $8.7 million. Greencastle would have to rally 55 percent to recognize the value in the Deveron shares. This is a big discount, bt by itself, it's not much of a catalyst for the stock. However, the chart of Deveron is looking bullish and primed for a potential breakout. If that happens, ceteris paribus I expect VGN will outperform FARM. For some reason I cannot post charts at the moment. Will update later.

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