Last year they set the date on Jan 27 for a Feb 10 release .. so they aren't so late yet. - NMB
Starting after the new year, Erickson started converting a large chunk of options .. At
After the first F-4 he filed, he had 358,898 shares.
After the last F-4 on 1/23 he how holds shares 478,868
He's been converting more than that though, but not selling all of the conversions. It seems he's selling enough to cover the costs and maybe the tax liability (and then some) and holding the rest.
120k share increase in his position is not insignificant.
Also, do not forget the large company they sold in Q4 if ECAS paid this out to ACAS as a dividend into USD before year end probably missed the 3.7% decline and thus the net EU asset base is most likely much lower than at end of Q3. Apparently I am back to posting full time on ACAS!
Wouldn't it be interesting if they had a buyout offer in the works? No foundation for this at all, but into the PR void, one can let the imagination run wild.
Youcan .. "My concern is the rising dollar and falling euro hurting dollar value of ECAS holdings"
There should be no 'concern' over this, as it is a simple mathematical calculation that is easily found.
In Q4 the dollar went from $1.263/eur to $1.216/eur ... or 3.7% decrease due to currency.
In Q1, there is still time for the prices to recover. Nothing to be "concerned" about, it's just a simple conversion. Sometimes it goes up .. sometimes it goes down. - NMB
likely...maybe...but i'd rather have the possibility of a real euro turn-around with their qe similar to ours in 2009 and forward and then wait out any temporary currency imbalance in ecas usd reporting. currency hedging could also help.
My concern is the rising dollar and falling euro hurting dollar value of ECAS holdings. I expect a lower ECAS value this quarter because of this.
Hi Zeit, no offense taken. I have vented about lack of PR/communication since the Q3 announcement. There have been some other issues that ACAS has not communicated on that should have been -e.g. ACEIII. The original closing was expected to be 90 days from the original release - which would have been by end of July and that date came and went with no news and the final closing was end of September. Yet the company has delivered pretty much on target/met expectations operationally (my opinion). The speed of execution is crucial to delivering value to shareholders via the dividends and reduced taxes on the spin off income (till then it is "taxed" even tho the company has NOL's, I would rather have the dividends and no taxes and ACAM have all of the interim NOL's saved for their benefit. Also, in my opinion, the SG&A reduction should have been incurred throughout 2014 - in line with the quarterly portfolio changes, not starting in 2015. The company had existing management experience in SR Floating rates loans - ACSF and various LOB's - so no additional headcount there. For portfolio companies sold, I felt there should have been some reductions during the year to account for less asset management. However, I can think of some reason why this would not be feasible (e.g. on-going management needed throughout the closing process, employment contracts, etc.) I still think ACAS will deliver value and end result will be rewarding to shareholders. The current discount to NAV is providing support for the stock (and has throughout 2014), but the upside will only occur post the split -and there has been no actions that have been communicated since the announcement, even though management stated in the quarterly presentation "to move as fast as practical". Obviously with the normal disclaimer, once they set an expectation, I feel they have an obligation to at least provide a communication update to investors - to not do so is bad PR and does not instill confidence.
you will never get over losing on this stock , it is time to let it go you missed the boat and sold and lost get over it!!!
Dead money for a very long time and who knows how much longer..............But the good news is the management is making a ton of money while the stockholders are waiting for the return of a dividend....
Allen,"Why do I think the patience comment was sarcastically aimed at me?" I really do not know. If I wrote something without thought, please forgive me. My mind harbors - or harbored - no ill will towards you. You have never been nothing but helpful to me. Perhaps, I should have wrote other times out instead of "others" my mistake. I got the concentration-span of a knat. Sorry guy.
Hi Zeit! That would be good information! Why do I think the patience comment was sarcastically aimed at me? I have been none to vent. I am a passive aggressive investor. I really think the company (and management as well), is pretty good, but they really could have executed on this faster I believe. and no PR at all in the 3 months since the last conference call? I think they should have set some expectations that nothing would happen until sometime in the 1st quarter (or after year-end, etc.).
Allen I am interested in the number of shares of new stock breakdown as well. Sometimes I can wait with more patience for future developments than others.
Looks like they are waiting for year end to move on the re-organization. I hope they provide guidance for ACAM for 2015 and more details in the dividends to be paid for the spin-offs (vs. just "a market rate
Enquiring minds want to know! I am looking forward to announcement myself.
Strange that ACAS hasn't yet. Maybe they are going to combine the release date announcement with some other news that they are finishing up? The last date is ACSF on Feb 9th (with AGNC and MTGE on the 2nd and 4th) .. and those dates were set 2 weeks ago.
My guess is Feb 11th for ACAS .. but it is curious why no date has been announced.