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Emmis Communications Corp. Message Board

  • noteveryman noteveryman Nov 23, 2011 11:00 AM Flag

    Preferred Share count

    Getting Interesting:

    Most recent 13F's for pref share holdings:
    Third Point 321,000
    Zazove 289,133
    Luther King 100,000
    Total: 710,133 25.3%

    33% of 2,809,170 shares of Preferred is 927,026 shares...

    No other big lots out there. Company needs ~another 280K shares to get their vote lined up.

    Company has repurchased 1,671,429 shares or 59.5% of shares.

    The math on this is as follows: the prior 8K wrote they had purchased 645,504 most with a vote. Now they purchased 1,035,925 from alden. That totals 1,671,429 but they say they only have 56.8% of vote instead of 59.5% of vote.

    I have no idea how the company views the new outstanding but presumably the shares they purchased without the vote can't vote and will be retired (no idea - i'm not a lawyer). If that is the case the new outstanding share count is 2,733,349. With this share count the holders above have 26% of vote.

    Shares not accounted for are 2,809,170 minus 1,671,429 which is 1,137,741.

    Then subtract 710,133 (for Zazove, Third Point, Luther King), which leaves 427,608. Question is where are those shares and can company buy those shares and leave vote behind.

    Of course the math may be a little off...are they saying they 56.5% of voting eligible shares etc but i think I'm directionally correct.

    I imagine they approached third point, Zazove and Luther King already and were rebuffed (mainly because these were the 13F filers who didn't sell last quarter but obviously this is pure speculation).

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