The Deep Value Week – 2025/26

Buybacks, Insider Transactions and Refinancing

Market: 4

Companies mentioned:

· Alpha Pro Tech (APT) - Expands Share Repurchase Program by $2 Million

· Hurco (HURC) - Executives Acquire Additional Shares in Late June Transactions

· Jewett-Cameron (JCTC) - Oregon Community Foundation Reduces Stake in

· Natural Alternatives International (NAII) - Extends Credit Facility with Wells Fargo

· Reko International (REKO) – Further Buybacks

· Clearwater Paper (CLW) - Appoints Marc D. Rome as SVP and General Counsel

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“Graham’s Geiger counter”

Benjamin Graham suggested that one way to measure the valuation of the overall market was to assess the number of net-nets available. When many such opportunities exist, it indicates a cheap market overall, while their absence suggests that the market is expensive. Today’s net-nets, however, are not the same as Graham’s net-nets. Many are un-investable being Chinese RTO’s, loss-making biopharma’s etc. But we do think it is interesting to follow this number over time, and what percentage of total listed stocks qualify as a “naked” net-net without any type of quality adjustments to make them investable. Below is a net-net screen from Stockopedia.

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Alpha Pro Tech (APT) - Expands Share Repurchase Program by $2 Million

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On June 27, 2025, Alpha Pro Tech announced a $2.0 million expansion of its existing share repurchase program, bringing the total available authorization to $2.7 million. The company plans to retire all repurchased shares and may conduct purchases through open market transactions or privately negotiated deals, including under a Rule 10b5-1 plan.

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Hurco (HURC) - Executives Acquire Additional Shares in Late June Transactions

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In a series of Form 4 filings with the SEC, Hurco Companies Inc. reported insider stock purchases by Executive Chairman Michael Doar and Director Janaki Sivanesan. Between June 23 and June 27, 2025, Doar acquired a total of 8,000 common shares at prices ranging from $15.68 to $18.50, increasing his direct holdings to 223,460 shares. Separately, on June 24, Sivanesan purchased 700 shares at $15.75 indirectly through a child’s account, bringing total beneficial ownership to over 37,000 shares.

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Jewett-Cameron (JCTC) - Oregon Community Foundation Reduces Stake

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On June 25–26, 2025, Oregon Community Foundation, a 10% shareholder in Jewett-Cameron Trading Co Ltd, sold a total of 5,871 common shares at average prices of $3.81 and $3.77 per share. Following the transactions, the foundation’s directly held stake decreased to 932,663 shares.

Natural Alternatives International (NAII) - Extends Credit Facility with Wells Fargo

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On June 23, 2025, Natural Alternatives International (NAII) announced an amendment to its credit facility with Wells Fargo, extending the term to December 31, 2026 and setting the borrowing capacity at $10 million. Management views the renewed facility as a reflection of NAI’s strong balance sheet and expects it to support working capital needs as the company focuses on revenue growth and returning to sustainable profitability.

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Reko International (REKO) – Further Buybacks

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Last week, REKO bought back an additional 6.6k shares.

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Clearwater Paper (CLW) - Appoints Marc D. Rome as SVP and General Counsel

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On July 1, 2025, Clearwater Paper Corp. filed a Form 3 disclosing the initial beneficial ownership of Marc D. Rome, newly appointed as Senior Vice President, General Counsel, and Corporate Secretary. Rome beneficially owns 6,097 shares of common stock through various awards of restricted stock units (RSUs), all subject to multi-year vesting schedules through 2028. The RSUs will also accumulate dividend equivalents during the vesting periods.

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The writer may own shares of the companies mentioned. This communication is for informational purposes only. AI helped us with this. Check important info.