I came home to a pleasant surprise today. The cash for Capitol First’s going private transaction finally hit my son’s Coverdell ESA account tonight. I received $355.41 for the 1,990 shares of Capitol First that I owned.
As you might remember, I originally bought these 1,990 shares of Capitol First for a total of $251.75 on February 1, 2005. It felt like this transaction has taken forever, but I just realize that it has only been a little over five months. I guess I was just being impatient.
Let’s take a quick look at some performance statistics. I made $103.66 on this stock in a little over five months. That’s over a 41 percent return on my original investment. Adjusting for the time I held the stock, the return was greater than a 118 percent annual percentage yield.
It’s time to look for a new going private transaction to put my son’s Coverdell ESA funds to work. Hopefully, I will also receive the cash for the completed Bestway transaction soon, so I can combine it with the cash I just received from Capitol First. I’ll keep you updated on my next move.