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GasLog Ltd. (GLOG) Message Board

  • play_tow play_tow Apr 24, 2013 11:53 AM Flag

    Secondary Offerring....Count on It!

    Look at STNG, NNA, GASS....all have diluted their shares by 50% to over 2-fold in just the last 4 months.

    This is the nature of the shipping business, and the advantage of having an NYSE listing where the piggy bank is always open for the raiding....at shareholder's expense.

    JMHO

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    • looks like management kept their word of not offering shares below ipo price. shows me managment seems trustworthy and smart to tap other sources of funding at such low cost of capital.

      Sentiment: Strong Buy

    • No surprise....

      _________
      GasLog Ltd. (“GasLog”) (GLOG), an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, announced today that it has filed a shelf registration statement on Form F-3 with the U.S. Securities and Exchange Commission (the “SEC”).
      The shelf registration statement, when declared effective by the SEC, will give GasLog the ability to offer and sell up to $500,000,000 of its securities consisting of common shares, preference shares, debt securities, warrants, rights and units. After the shelf registration statement becomes effective, GasLog may offer and sell such securities from time to time and through one or more methods of distribution, subject to market conditions and GasLog’s capital needs. The shelf registration statement will also cover the sale from time to time of up to 36,717,774 common shares by certain of GasLog’s existing shareholders

    • they have one loan for ship due loan due 2014 for 110 million. rest dont start coming due till 2019. they could probally secure new financing, if had to issue would be towards the fall season. unless they want to go yard again. as long a ship/ships is ordered with secondary its not really dillutive, and i have no problem with it. they have also said they are looking into possible mlp structure if would make sense.

      Sentiment: Buy

      • 1 Reply to bill3442li
      • It all depends on what they do with the proceeds. It's not really dilution if you're dividing up a larger pie.

        I think their long term contracts will help with the debt financing.

        Where it will get interesting is on the shipyard options expiring in July. I cold see an equity raise in conjunction with ordering another ship or two, though there is likely very little money due upfront. Will be interesting to watch.

        At current share prices, the return on newbuilds at $80k/day is pretty good...would not be surprised to see this acquired by TGP, given their focus on LT charters and need for growth.

        There isn't a whole lot going on with GLOG, so right now I'm comfortable adding around 12 and waiting. Worst case is they don't grow the fleet beyond what is committed, and we end up around $14. Any new charters + newbuilds could put us way ahead of that.

    • I don't know if you can count on it. if they do float a secondary and the PPS falls I say buy more when it is down. The company still is sound and has a positive business model. It pays a good dividend and if the PPS falls it will pay a better one. Dilutions are not always bad in the long run.

 
GLOG
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