What the manager wrote
CKX Lands (CKX) is a microcap Louisiana land bank that started a strategic alternatives process almost two years ago (August 2023). The latest update appeared in the 2024 10-K: 'As part of management’s desire to maximize value for shareholders through this process, the Company expects to seek to partition, in kind or by sale, ownership of its undivided interests in lands co-owned with others.' About half of their net acreage is held through a 16.67% ownership in joint venture, and the leading bidder doesn't want to be part of the JV, which could take significantly more time or not happen at all. Fair value is still likely meaningfully above the current $10-$11 share price, but any failure to sell the company means CKX is likely in forgotten microcap purgatory for another decade.