Tag Archives: odd lot

     

Advanced Emissions Solutions (ADES) – Tender Offer + Expected Dividend – 20%+ upside

Current Price –$9.85

Expected Price - $12

Upside – 20%+

Expiration Date - June 2017

This is a two part special situation. The first one is a simple dutch tender with odd-lot provision. The second part comes from general undervaluation of the company where expected dividend (yet to be announced, but already communicated by management) could serve as a catalyst. At the same time the company is trading below contractually secured cashflows in the RC segment and has significant upside optionality from other business segments.



CIT Group (CIT) – Odd Lot Tender Offer – Minimal upside currently

Current Price –$46.86

Offer Price - $43 – $48

Upside – 2.5% (if priced at the upper limit)

Expiration Date - 24th of May, 2017

This is a tender offer with shares currently trading in the middle of the buyback range. Tender offer has high likelihood of being priced at the upper limit and proration is expected to be low. There is no proration for odd-lot holders.



Trez Capital Mortgage Investment (TZZ) – Odd Lot Tender Offer – Free Option

Current Price – C$7.99

Offer Price – C$8.0 – C$8.3

Upside – 4% (C$30 for odd lot holders)

Expiration Date – 14th of Feb 2017

This is a tiny opportunity in Canada. Currently the shares trade one cent below the lower limit and thus odd-lot holders are guaranteed that their shares will be purchased at least at the same price in one month.  This is a free option on any potential share price appreciation in the meantime or tender being priced at the upper limit

   

Nationstar Mortgage (NSM) – Odd Lot Tender Offer – minimal upside currently

Current Price – $9.05

Offer Price – $8.2 – $9.4

Upside – potentially 3% or $35 (if the upper pricing limit is used)

Expiration date –  11 March 2016

No proration for odd lot holders

Some thoughts: With the recent market volatility there is a good chance that better buying opportunities will appear before expiry of the offer

SEC Filling

Summary:

Nationstar Mortgage Holdings Inc., a Delaware corporation, is offering to purchase shares of its common stock, par value $0.01 per share



Update on SNOW and SPIL

A quick update on couple transaction posted on www.specialsituationinvestments.com

SNOW - currently trades at $8.28 vs lower buyout limit of $9. Tender Offer closes in a week.

SPIL - provided update regarding regulatory approval as well as extension of offer till March 17th (here). Response from the regulator was: “With respect to the filing of the merger of enterprises between Advanced Semiconductor Engineering, Inc. and Siliconware Precision Industry Co., Ltd., the Fair Trade



MAM Software (MAMS) – Odd Lot Tender Offer – $50 or 7% gain

Current Price – $7;

Offer Price – $7.5;

Upside – 7% or $50 (for odd lot holders);

Expiration date –  1 Dec 2015;

Press release

Summary:

Hennessy Advisors, Inc., a California corporation, invites its shareholders to tender up to $25.0 million in aggregate value of its Common Stock, no par value per share, for purchase by Hennessy Advisors, Inc., at a price of $25.00 per Share, net to the seller in cash. As of August 19, 2015, the Company had 6,025,381 Shares



General Electric (GE) – Split-off transaction – $216 expected return (potential for $600 return)

Current Price – GE $29.03, SYF $31.32;

Offer Price – $1.0753 stock of SYF for $1 stock of GE (subject to upper limit of 1.1308 SYF shares per share of GE);

Upside – 7.5% or $216 for Odd Lot holders (if price differential increases towards upper limit – as happened with other recent split-off transactions – the return will be c. $600);

Expiration date – November 16, 2015;