The owners of the Atlanta company that tours “Titanic: The Artifact Exhibition” want off the boat.
Premier Exhibitions Inc. (NASDAQ: PRXI) reported in a Securities and Exchange Commission filing its board of directors approved a review of “strategic alternatives.” That usually includes investigating the sale of a company or some of its assets.
“The board of directors is working to pursue all appropriate actions to enhance the value of the company for its shareholders,” said Mark A. Sellers, chairman of the board of Premier Exhibitions. “To that end, we have determined that a broad evaluation of strategic alternatives led by a top tier investment bank should be the next step in that process and we are very excited to have engaged a prominent, New York based investment bank as our adviser.”
Truly amazing... you shareholders are a big bunch of wusses! Management has run this company into the ground and all you do is take it... I guess I have to do everything... nuclear weapons preparing for launch... don't say I didn't warn you I was going to fight... beware... a legal fight may adversely affect the stock but I'm left with no choice... management needs to get the #$%$ OUT, yesterday!
Which two BOD members do you think Sellers is trying to get rid of?
"Reporting Person Mark A. Sellers, who is also Chairman of the Issuer’s Board of Directors (the “Board”), seeks to reduce the size of Issuer’s Board from seven (7) to five (5) Directors. Mr. Sellers has asked two members of the Board for their resignation and is currently in discussions with these Directors to achieve this objective. Mr. Sellers, on behalf of Sellers Capital Master Fund, believes that reducing the size of the Board is consistent with the desire of a majority of the Issuer’s shareholders and that a smaller Board would be more effective and efficient in overseeing the Company’s operations and strategic initiatives. Should these Directors refuse to resign, Mr. Sellers, on behalf of Sellers Capital Master Fund, Ltd., would, at that time, determine what additional steps might be taken to effectively remove these Directors."
If anyone else has had it with management, let me know. It's time we move to fire them I'm all for a public battle.. Proxy anyone? ... if anything the stock will go up when heads roll... it will show that someone has passion (other than those who bleed the company dry by doing nothing).
They spend months if not years doing virtually NOTHING... then they enter into a "Material" agreement, then they decide to cancel the "Material" agreement.... I have an idea... lets all do nothing, then accomplish a meaningless deal then undo that worthless deal and collect several hundred thousand dollars a year salary! MORON SHAREHOLDERS KEEP BENDING OVER AND LET MANAGEMENT MILK US ALL DRY! FIRE THEM!
On February 13, 2014, Premier Exhibition Management, LLC, a subsidiary of Premier Exhibitions, Inc., terminated its Joint Production Agreement with TSX Operating Company LLC (“TSX”) to produce an exhibition based on the Federal Bureau of Investigation. Pursuant to the Joint Production Agreement, the Company and TSX would have jointly produced and toured the exhibition. The production costs of approximately $1.2 million were to be funded 80% by the Company and 20% by TSX. According to the agreement, revenues from the exhibition would be paid 80% to the Company and 20% to TSX until the parties recouped 110% of the production cost, and 68% to the Company and 32% to TSX thereafter. In addition, the Company would have been paid a management fee of $60,000 per venue where the exhibition was presented.
The Joint Production Agreement was contingent on a license from a third party, which withdrew its participation from the project. The Joint Production Agreement provided the Company with a right to terminate under these circumstances.
This summary does not purport to be complete and is qualified by reference to the full text of the Joint Production Agreement, a copy of which was filed as an exhibit to a Current Report on Form 8-K dated October 22, 2013, and is hereby incorporated herein by reference
It's the only thing that goes down faster than their share price. ;)
Been in this dog for awhile. Struggling to see the upside at this point. Not saying its not there, just struggling to see it.
Yep, that $1.03 was really a great opportunity.
Let's discuss that thought again when the shares are at 0.93 in the next week or two.
Finally... some good news! I think the media will be all over this exhibition when it lands in the states. Will be a good "date night" option for folks... hee hee....
And, yes, I think the stock is a steal at current prices.
Sentiment: Strong Buy
Bid [Tick] 0.9825
Bid Size 756
that's 75,600 shares
the bid price/volume has been slowly moving up over the past day or two.
someone wants shares.
small fries stepping in front of the big bid by .0001 playing games - will come to an end once shares get back to $1.00
shares will be back above $1.00 next week and trend higher into the spring/summer
brummie - I think you sold at the wrong time.
I said it could fall back to 50 cents and be valued just above current book value.
Upon further investigation, discounting the artifact appraisal, seeing the director purchase at $1.30, reviewing the seasonality of the price/charts ... I decided buying below $1 at this time isn't a terribly risky bet.
You can still buyback shares while raising capital - happens all the time. If the shares are severely undervalued, you may decide to take on some debt, or issue preferred stock.
A year ago, did Intel not issue debt specifically to use the proceeds to buyback stock? It was a good move (for them) for multiple reasons.
On the 14th you said it was going to 50 cents and then you buy at just under a dollar ?
The asset isn't worth much more than the marketcap of the company and it could be 2-3 years before it gets sold.
I don't understand the entire buying back stock while also trying to raise capital. Doesn't make sense.
If I felt sure the stock would be $1.50 in 2-3 years, Id buy a lot more here.
However, Don Whitaker apparently owns it. Which suggests some upside anyway.
Don, would you chime in here if you are lurking ?
And what about whats his face, the 13d holder that doesn't play well with others ? Is he still holding or did he dump ?
The assets value is limited by the court restrictions & the lack of financing for the dreamers that do want it.
The only way I can see it sold for a decent price is if PRXI finances it and backs up the buyer.
So, a buy here pay here Titanic sale. 10% down and low monthly payments. LOL
And the court wont let any cash be returned to shareholders, they have to hold it in escrow to back up the buy here pay here buyers obligations.
The operating business is of dubious value and the entire thing doesn't need to be public.
If we take a step back, the other thought which comes to mind - if the asset is worth that amount, or let's be very conservative and say just $100 million, with the shares currently valuing the company at just under $50 million, why wouldn't someone just make a hostile takeover move - buy the entire company for $75 million, shut everything down, liquidate the entire company, and since there's basically no debt, they get the asset free and clear for a fraction of the appraised value plus whatever liquidation value there is in the remainder of the company.
There's more here that meets the eye.
Shares are at/near the lows. This is a temporary situation.
I've been wondering this too. Here we have an exhibit company. With a good asset that can be exhibited, but they want to sell it?? Make any sense?? If they can get 140-150 million for it, go for it, but otherwise exhibit it.