Overhead lifted, $85 mil in the bank, PT increases coming from Credit Suisse and Citi.
Number of outstanding shares increased by 16,375,000, for a total share count of 89,765,000 shares. On April 9, 2013 prior to the secondary announcement, PPS was $7.24 and outstanding shares totaled 73,390,000 with a corresponding market cap of $531,343,600.
Post secondary, factoring in dilution and market cap being equal to April 9th, the corresponding PPS should be $531,343,600/89,765,000=$5.92. Instead, current market cap with the additional 16,375,000 shares is now $489,219,250 at PPS of $5.45. Plus, with the addition of $85,000,000 (plus existing $32mil) in cash, enterprise value is still a low $371,719,250.
Pre/post secondary PPS disconnect will soon fade.