Mesabi Trust declares $0.39 dividend
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 18 2024
0mins
Should l Buy MSB?
Source: SeekingAlpha
Dividend Declaration: Mesabi Trust has declared a quarterly dividend of $0.39 per share, with a forward yield of 6.07%.
Payment Details: The dividend is payable on November 20 to shareholders of record as of October 30, with the ex-dividend date also set for October 30.
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About MSB
Mesabi Trust is a royalty trust organized to derive income from an iron mine (the Peter Mitchell Mine) located near Babbitt, Minnesota, at the eastern end of the Mesabi Iron Range. The Trust is a pass-through entity. It operates in one segment, which is iron ore mining. The mine is operated by Northshore Mining Company (Northshore), a subsidiary of Cleveland-Cliffs Inc. (CCI). Northshore mines the ore, which is in the form of taconite, a hard rock containing approximately 21% recoverable iron, crushes it, separates the iron particles from the non-metallic, and forms the resulting concentrate into pellets which are shipped for use in steel-producing blast furnaces of customers of CCI. Northshore pays royalties to the Trust primarily based on the selling price of pellets shipped from Northshore’s pellet plant at Silver Bay, Minnesota, on Lake Superior approximately 45 miles from the mine, plus a significantly smaller royalty based on tons of ore extracted at the mine.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Mesabi Trust (MSB) Declares $0.26 Quarterly Dividend Payable February 20
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- Record Date for Shareholders: The record date for this dividend is set for January 30, meaning investors holding shares before this date will qualify for the dividend, enhancing short-term shareholder confidence.
- Ex-Dividend Date Arrangement: The ex-dividend date is also set for January 30, requiring investors to purchase shares before this date to receive the dividend, which may lead to increased trading activity leading up to this date.
- Payment Date Confirmation: The dividend will be paid on February 20, ensuring shareholders receive their returns promptly, further solidifying the company's reputation in the capital markets.
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- Quarterly Dividend Announcement: Mesabi Trust declares a $0.26 per share dividend, reflecting the company's ongoing cash flow and profitability, which is likely to attract more investor interest.
- Record Date for Shareholders: The record date for this dividend is set for January 30, meaning investors holding shares before this date will qualify for the dividend, enhancing short-term shareholder confidence.
- Ex-Dividend Date Arrangement: The ex-dividend date is also set for January 30, requiring investors to purchase shares before this date to receive the dividend, which may lead to increased trading activity leading up to this date.
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See More
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- Labeling Update: The FDA noted that robust results on opioid use reduction from at least one adequate and well-controlled trial could be included in the Clinical Studies section of the product labeling, enhancing market competitiveness.
- RMAT Designation: rexlemestrocel-L has been designated as a Regenerative Medicine Advanced Therapy (RMAT) by the FDA, providing all the benefits of Breakthrough and Fast Track programs, including rolling review and priority review eligibility, further accelerating the path to market.
See More
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- Enhanced Financing Flexibility: The company entered into a $125 million facility with its largest shareholder, substantially lowering its cost of capital and freeing up major assets, which provides greater flexibility for strategic partnerships and commercialization efforts, enhancing future growth potential.
- Debt Management Optimization: The new financing enabled Mesoblast to fully repay its prior senior secured loan and partially repay its subordinated royalty facility, which is expected to be fully repaid by mid-2026, thereby alleviating financial burdens and improving cash flow.
- Market Expansion Opportunities: Ryoncil®, as the only FDA-approved treatment for children under 12, is now being evaluated in pivotal trials for adults with SR-aGvHD, a market approximately three times larger than the pediatric segment, showcasing the company's strategic potential in expanding product indications and market share.
See More
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- Board Restructuring: New Chair Facchina brings over 40 years of corporate strategy and finance experience, while Cobley takes on the Audit and Risk Committee chair, ensuring the board possesses diverse expertise to support future growth.
- Strategic Focus: This transition is part of the company's periodic review of board composition and leadership structure, aimed at enhancing commercial delivery capabilities and shareholder value, with plans to strengthen U.S. market expertise in the next twelve months.
- Commitment to Innovation: Mesoblast is dedicated to developing cell therapies for various inflammatory diseases, with Ryoncil® already FDA-approved, marking the company's leadership in cellular medicine and plans to expand its global market presence.
See More
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- Patient Distribution: Among the treatment groups, 644 patients received remestemcel-L while 1,349 received ruxolitinib, showcasing remestemcel-L's significant advantages in improving quality of life, which may enhance its market acceptance.
- Safety Analysis: While both therapies exhibited favorable safety profiles, the study noted that remestemcel-L showed better outcomes in hematological, cardiac, and hepatic adverse events, providing critical insights for clinical decision-making that could influence physician treatment choices.
- FDA Approval: Ryoncil®, as the first FDA-approved mesenchymal stromal cell product, particularly for children under 12 with SR-aGvHD, marks a significant advancement for Mesoblast in the field of cellular therapies, potentially opening new revenue streams for the company.
See More
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- Technology Showcase: The event will feature a live webcast, allowing viewers to access the discussion via a provided link, which enhances the company's visibility and transparency among investors, potentially increasing interest from prospective investors.
- Product Introduction: Mesoblast's Ryoncil® is the first FDA-approved mesenchymal stem cell therapy for treating steroid-refractory acute graft versus host disease in children, showcasing the company's innovative capabilities in cell therapy.
- Intellectual Property Protection: Mesoblast holds over 1,000 patents covering its stem cell technology, ensuring commercial protection extending to 2044 in major markets, which strengthens the company's competitive position and long-term growth potential.
See More
