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Conns Inc. Message Board

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  • medici1248 medici1248 Nov 12, 2009 10:59 AM Flag

    Cheap Stock - Whats the risk?

    Are you guys sure the stock isnt down on the $150 million shelf filing S-3 capital raise?

    Defaults on Store credit? Do they cover it in there SEC Filings or on the conference calls? What are their reserves? It appears they are selling their receivables. But are there clawback provisions that could nail them if defaults rise to a certain level?


    Stock appears to be very cheap.

    I dont like betting against WMT, BBY and the likes but it does apear you are buying dollars for 50 cents.

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    • The S-3 is for a potential sale of 2 million shares which at current prices is less than $14 million not $150 million. The seller is a current shareholder, related to the Stephens Group. It will not dilute current shareholders holdings.

      • 1 Reply to kapmsu80
      • Check out this SEC Link
        http://www.sec.gov/Archives/edgar/data/1223389/000095012909001324/h66530a2sv3za.htm

        This prospectus will allow us to issue up to an aggregate of $150,000,000 of our common stock, preferred stock, debt securities, and warrants from time to time at prices and on terms determined at or prior to the offering. When we decide to sell a particular class or series of securities, we will provide specific terms of the offered securities in a prospectus supplement. We may offer to sell these securities to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continued or delayed basis. This prospectus describes the general terms of these securities. The specific terms of any securities and the specific manner in which we will offer them will be included in a supplement to this prospectus relating to that offering.

    • The issue appears to be the companies ability and the Qualified Special Purpose Entity's (QSPE) ability to obtain additional funding for the purpose of funding the receivables generated by us, including limitations on the ability of the QSPE to obtain financing through its commercial paper-based funding sources and its ability to maintain the current credit rating issued by a recognized statistical rating organization;

      The other issue is the ability for Conn's and the QSPE’s ability to meet debt covenant requirements

      Anyone have the specifics on the QSPE's ability to raise capital or the debt covenents for Conn's?

 
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