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Central Square Management Says PICO Holdings Worth $14

Activist investor Central Square Management takes PICO Holdings (NASDAQ: PICO) to task in a recent letter. It owns 5.7% of the company. It calls for a reconstitution of the PICO board and sale its stake in UCP (NYSE: UCP), the publicly traded homebuilder.


Central Square says the value of its UCP stake alone is $14 a share and well above PICO’s $11 a share.

Here’s the full Central Square-PICO letter.

Leder Holdings put out a letter in July [here] and River Road owns 9% and has been active since the summer [more here]

Highlights on unlocking PICO's value from the Cental Square letter: