not so much a panic, as a hate of the 1% who get really decent terms of purchase. book value-ish.
the rest of us live or die by "Last". those who know somebody who knows somebody, get the shares at a discount to last, and get to scavenge the dividend that many holders have been holding for since decemebr or earlier. the timing of this offering stinks more than normal.
Panic? Just being smart. potentially losing two ways. Your value just dropped as outstanding shares just increased and can they continue to afford to pay same dividend with the increase in outstanding shares.
What do you mean panic? The price is set by the underwriters and sold accordingly. If it does well, the closing price at the end of the day will be higher than the offer price (as I expect will happen.) I don't know what you mean by "panic."
I don't normally panic with SPO's but this one is coming so close to the div announcement. You tell me how they can maintain the 1.25 with millions of new shares out there that they will have to pay the dividend on.
I was surprised too because I figured that they would wait until after the dividend (like ARR did). I figured that AGNC was trading over BV based on the ARR BV disclosure recently. This is a bit disappointing because it the new shares will get the dividend but the money from the SPO won't be invested and earning much money to paid the dividend this quarter. I think ARR actually managed the timing of their recent SPO much better. :(
some panic,... some rejoice depends on your outlook of your fellows.
Nice opportunity. Sold my calls yesterday, by some serendipity. Now reload the same calls for another cycle.
Sometimes the bahr doesn't eat you.
Ole' Senior Kain.