90% is the magic number. I expect they will hit that sometime in 2015. They will pay a small premium and the Delaware courts will rubber stamp it.
Got cut off ...... where might the money come from ....... the sale of ASARCO?
I've been wondering why there has been no move toward settlement.
I've been screwed once this year by the buy-out of BEAM. That is, although I more than doubled my money on BEAM, I held it in a non-sheltered account and now have to pay the taxes.
Since I hold a few under water lots on a couple of stocks I'm looking to do some tax loss selling to help offset the gain. One of those lots is in SCCO in a taxable account. So ....... I quit the DRIP of SCCO a couple of months ago and am seriously considering selling that lot.
Seems like a wise move for me considering the situation.
Company spent over 300 million in 3Q buying back in the neighborhood of 10 million shares. Grupo now owns 84%. In addition Larrea bought over 700,000 shares from late July-August. He now owns more than 1 million shares.
IMO, it won't be long before Grupo takes us out at a small premium so it can have 100% of the fruits of the huge increase in production which is only a few years away. IMO, Grupo keeps on having scco buy back discount stock for as long as it can before announcing a takeout which will require a premium.
Nothing we can do about it, imo.
OT I am in the boulder area rich, I just loved your stuff, keep up the good thinking and if there is any way you can let me know where you post a bit I would love to read you.
God bless you and all you do............
hey there...na..I am still active...I just let some of the old groups and blogs slip away...thanx for the thumbs up... turns out hussein has been great for the equity markets...lots of $$ making plays on fear..and the feds pumping billions and billions of $$ into the markets...business and life is good...here in Northern Colorado...how about where you are ?
SOUTHERN COPPER CORPORATION
October 23, 2014 – Southern Copper Corporation (NYSE SCCO) announced today a quarterly dividend of $0.12 per share of common stock, payable on November 25, 2014, to shareholders of record at the close of business on November 11, 2014.
OT Rich, I don't see you in the Boulder D/C anymore, did you move or did you let the liberals get to you, your stuff was great...........
He is on the list dar, I am a little slow this quarter but rest assured, he is on it.......
God bless all..........
Slow and steady wins the race. I've owned this stock from the beginning when it was almost bankrupt. If I counted the dividends I have received over the years my cost basis is in negative numbers.
Well, if you have been long the stock for over a decade (a little longer than I), you should have an inkling of scco's after tax return on average assets. The dividends you have not been collecting for the past two years are being invested in expanding production capacity. Since this is incremental capacity with very little increase in overhead, the returns on this investment should be very good even at 3.00 copper.
I was tempted to try to time the lag between investing dividend dollars in new capacity and the future increased dividends which will come from it, but the tax cost was too high. Besides, I considered the 11/2012 2.75 dividend 25 cents for 3Q 2012 and windfall prepayment of 25 cents per quarter for 10 quarters while current cash flow finances future increased production.
Why do you suppose Larrea just more than tripled his private ownership to more than 1 million shares, paying about 32 per share? It ain't because he was trying to prop up the price with personal dollars.