$28/share AND Now They are saying a total of 27M Shares
Given that they originally announced 18-20 million, the fact that they expanded it to 27 million means they've pretty much already sold it.
And you want the underwriters who bought it not to put it on the market. You want them hanging on for big profits from the div and the price movement.
No idea what this means for the div. Probably keep it at $1.40 if the terms of their business model haven't changed. And, if they have an excess in cash from this offering, it ought to be a longer interval before they issue shares again.
Good time to settle in for the long-term, or double up along with the syndicates.
There is just too much optimism here. The issued a poor earnings report. 2.25 gaap versus 1.20+ taxable. If you do the math, they had better pull a rabbit out of the hat because 1.20 x 4x.9 ain't 1.40. This was in effect a profit warning below consensus because the street doesn't estimate gains included in gaap. No one is looking at, so I will stop but this is bizarre.