There have been numerous news reports that the European Union has lifted diplomatic sanctions against Cuba. While the lifting does include some imposed tough conditions to maintain sanction-free relations, this is probably the first of many such steps. Some of the conditions include including the release of political prisoners, granting Cubans access to the Internet, and allowing all EU delegations arriving in Cuba to meet opposition figures and members of the Cuban government.
Herzfeld Caribbean Basin Fund Inc. (NASDAQ: CUBA) is actually the investment angle for this as far as U.S. investors are concerned. The fund invests in companies that are perceived to benefit from normalized relations down the road. Shares are up over 4% today at $8.37. The volume is frequently light, and today’s 13,761 shares show that. It has not seen a single trading session of more than 100,000 shares trade hands since February.
The company’s web site also lists its Net Asset Value as $7.62 as of June 19, 2008. The current market cap is listed as $31 million on NASDAQ, although we would caution that a fairly recent offering might make the number slightly different.
Jon C. Ogg
June 20, 2008
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