You're right, we may see more down days before this is done. No volume, Barclays is likely still holding a bunch of units. If Barclays tries to sell 15,000-20,000 units a day we may have some downward pressure for the next few weeks .Something keep in mind is that AE Holdings may still have the balance of their units ( just under 4 million shares) they might decide to sell those too. I plan to start buying more units however I'm not comfortable that we've reached the bottom. I would by happy to load up at $30.00.
I called investor relations when I read the press release. The common units belong to AE holdings not GLP. Global Partners issued 5,850,000 limited partner units to Alliance's owners and assume long-term debt of approximately $180 million when they acquired Alliance Energy. The partnership is not offering any common units in the offering and will not receive any proceeds from the sale of units by the selling unitholders in this offering. The offering is expected to close on March 27, 2015.
don't know how that plays with GLP...but interesting...the offshore drillers should zoom again...have been, for A WEEK NOW .... WTI ... 50.92 / BRENT ... 58.37
Where do you guys get your news?
They aren't dumping, GLP is diluting...
08:35 AM EDT, 03/24/2015 (MT Newswires) -- Global Partners LP ( GLP ) priced an underwritten public offering by the owners of AE Holdings Corp. of 1,956,234 common units representing limited partner interests in the partnership at a price to the public of $36.10 per common unit.
The partnership is not offering any common units in the offering and will not receive any proceeds from the sale of units by the selling unitholders in this offering. The offering is expected to close on March 27, 2015.
Not a big deal. No new shares issued. Can't wait to see the next earnings release. Feb/March 2015 were the coldest months on record in the Northeast.
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$12,240,000 purchase.......likely a Mutual Fund or a Institutional Investor. Just a guess but I think 30-40% of AE offering were sold today. Selling almost 2 million units of a stock that normally trades 120-140 thousand units daily is going to put some pressure on the price. More misery today...who knows! Might be an opportunity to pick up some units at a discount. Good Luck!
They already did a 'secondary issuance' about 3 months ago...at $40 / share...around there...So, ...whateverrrrrrrrrrr....At least I got them cheaper than the secondary pricing.
I saw that most midstream oil / gas companies dropped today...well, some anyway....I suppose there's some fear of less "traffic" as production may slow down (or so I have read)....I suppose I liked this one because it seemed to be the only one that had a "payout ratio" less than 100...All the others appeared not to be covering their dividend (and foreward p/e and other valuations seemed decent)... I should just stick to preferred stocks, like LTS-A...a nice 8.4% divvy...no dilution fears...pays monthly...I did get 1,000 more today...so, I was fine with that...Anywayyyy....such a thinly traded stock - easy to push GLP all over the place...Once the selling is done, it should giddy up again...we hope...
For a stock to drop 20% in such a short time, has to have a reason. Other mlp's are fairing better. Unfortunately the pros don't follow them very close. Usually a mlp drops when new units are going to be issued, but no word on that happening in this case. It certainly hurts one's confidence.
The web site says mid-march. Last year, the K-1s were released on March 31 on-line, a few days later in the mail. I think they were my last K-1 last year.