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ChipMOS TECHNOLOGIES (Bermuda) LTD. Message Board

  • davegras davegras Aug 14, 2014 6:31 AM Flag

    SPIL Repurchase

    A 7 % discount like we got from Thailin. If, for example, the arithmetic mean is $23.82 (today's closing price) over the stipulated period, the price paid will be $22.15. Sean, Jay, et al...ya happy?

    I also don't see why we still can't be on track for a second half of September conversion proposal (time will tell).

    Sentiment: Strong Buy

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    • Dave, I too am generally pleased with the 7% discount, and even more pleased to see that the deal could close very quickly if SPIL chooses to do so. Also pleased with the resulting 3% reduction in the IMOS share count, which improves EPS going forward. Less exciting too me is the continuing negative impact on earnings as a result of the non-controlling interest. I realize it was a necessary step in the unwinding for IMOS to reduce its stake in 8150, but while we wait for the share collapse, it is resulting in lower earnings for the US shares. We also reduced our share more than we originally expected. As revenues and profits grow, it would be nice to get a bigger share over here. I am willing to wait another six months, but I will not back away from my view that a disproportionate share of the financial benefits have gone to 8150 holders. It's time for someone to look out for our interests.

      • 1 Reply to jayand777
      • Jay, I think the pecking order has been 8150, Imos, Spil, and then Thailin, so I agree with your sentiment. I feel a better price could've been obtained through the secondary last year and we should've been buying back stock all along. Plus, IMOS owns 8% less of 8150 than I expected, a portion not satisfactorily offset by cash. Given this history I got a little concerned and a few months ago had a cc with SK who assured me we wouldn't get short-changed by the imminent proposal. I believe him. Still, I do believe the company has been too conservative or methodical when taking steps to return shareholder value. I'm just glad we're in the 8th inning of this process and for all intents and purposes our fate is tied to the performance of 8150.

        Sentiment: Strong Buy

    • Dave;
      Hope you are right.Not focusing on IMOS.I have waited 7 years so what's another couple Of months.As far as happy-yes.Sold out the last Of my Ovti shares this morning that I bought at $ 19.00.Again a BIg thank you to Jaret for sharing.Cheers

    • Davegras,
      Yahoo swallowed my reply,
      But short version is deal for 20 day avg. to 9/25 less7% is ok, and if SPIL gets 24 bagger, mr. Bough Lin
      has been there through thick and thin. 45% less of Spil's Naz stk is good thing imo.
      Plenty of cheap financed cash and almost 1/2billion in cash more than covers collapsing needs, along with some extra cap ex, plus repeat divi.
      So macro threats, --- jobless claims, Ukraine/Putin belligerency, Middle East horror, White House ineptness--may keep many investments on edge, but this one's on right track imo. Think Cowen, Craig-Hallum's brilliant R. Shannon, other usual suspects-DLS' Mr B. Grad, Baupost, (and our own motley crew)
      probably agree with this outlook.

      Sentiment: Strong Buy

    • Dave,

      Just my opinion, but I don't expect a conversion proposal until November. The driving factor is the SPIL repurchase.

      Certainly, a conversion proposal could impact the IMOS share price. That rules out any proposal until, at a bare minimum, the 20-day window for determining the SPIL price is over. But remember that IMOS management has been quite slow, deliberate, and in CYA mode. They would add a second window (after the 20-day window) just to prevent regret (or worse) on SPIL's part. Again, just my opinion, but I would expect the conversion proposal to emerge somewhere around the next earnings announcement.

      Good luck to the longs.


      • 1 Reply to misterbob8
      • According to the wording, SPIL can execute this sale as early as today, or as far out as Sept. 23rd. It's SPIL's choice to pick the execution date.

        8150 volume is very low even just after reporting earnings. It looks like institutions own the stock for the long haul but at the same time willing to let it trickle down on low volume. Most likely to aid in the conversion for 8150 shareholders. I hope the IMOS shareholders will stop looking at 8150 so closely. SPIL's sale is beneficial to us, but viewed as a negative by the 8150 shareholders. What's good for us isn't necessarily as good for 8150. I hope we can differentiate that with the stock prices.

        Sentiment: Strong Buy

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