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Prospect Capital Corporation Message Board

  • jackhiller Feb 11, 2013 2:15 PM Flag

    PSEC Filed today to extend its successful share selling ATM, At the Market program

    As reported at the earnings conference, PSEC was successful in raising new equity capital by selling shares at the market, thereby avoiding the large price dips from SPOs and the costs for underwriting.
    This is a sensible program that has worked well.

    Some posters here are playing chicken little. Cannot tell if these negative shouts are from ignorance or a Short position hoping the noise drives the market price lower.

    Regardless of the nonsense postings here, the ATM program has been successful, and there's no reason now to do another SPO, unless some big deal is negotiated that would be in shareholder interests-- management themselves are large shareholders too.

    Sentiment: Strong Buy

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    • They will offer shares more often at the 45 million share they have key bank take care of so instead of doing 200 million in 4 months they will do 45 million every month..This will keep price down.So the price will increase slowly and NAV will have small growth and some shrinkage in Nav at times.Could create more downside in this stock,with little upside.

      • 1 Reply to pennyone122000
      • Pennyone122000,

        The prospectus is for a total of 45 million shares. The shares are not sold just for the heck of it. If capital, liquidity is not needed, well it is likely ZERO shares will be sold.

        If you bothered to read, listen, comprehend you would realize you have erred in your summation of this program and its impacts on the PPS.

        This is an AT THE MARKET program, they would be selling where the bid is not some uncalculated fantasy net asset value.

        I am sorry you sold on such an elementary concept. Perhaps you can get back in more cheaply,

        Best of luck

        Sentiment: Strong Buy

    • there are only 140 stockholders of record. Seems like only a handful read,

      We lost some shareholders today because they thought this was an "SPO" below NAV vs. The new ATM program for 2013. This should be good news as it sells shares in smaller blocks at the market.

      The equity distribution agreement provides that we may offer and sell up to 45,000,000 shares of our common stock from time to time through
      the Sales Manager, as our agent for the offer and sale of such common stock. The table below assumes that we will sell all of the 45,000,000 shares
      at a price of $11.49 per share (the last reported sale price per share of our common stock on the NASDAQ Global Select Market on February 8, 2013)
      but there is no guarantee that there will be any sales of our common stock pursuant to this prospectus supplement and the accompanying
      prospectus. Actual sales, if any, of our common stock under this prospectus supplement and the accompanying prospectus may be less than as set
      forth in the table below. In addition, the price per share of any such sale may be greater or less than $11.49, depending on the market price of our
      common stock at the time of any such sale and whether such sale is made at a discount to our most recently determined net asset value per share.
      The following table sets forth our capitalization as of December 31, 2012:
      • on an actual basis;
      • on an as adjusted basis giving effect to the issuance of 160,182 shares in connection with our dividend reinvestment plan on
      January 23, 2013, our issuance of 10,248,051 shares of common stock during the period from January 7, 2013 to February 5, 2013
      under our ATM Program and the issuance of $18.0 million aggregate principal amount of Prospect Capital InterNotes® since
      December 31, 2012; and
      • on an as further adjusted basis giving effect to the transactions noted above and the assumed sale of 45,000,000 shares of our
      common stock at a price of $11.49 per share (the last reported sale price per share of our common stock on the NASDAQ Global
      Select Market on February 8, 2013) less commissions and expenses.

      Sentiment: Strong Buy

    • Right, Schwab had that on their news about PSEC...........

7.71+0.21(+2.80%)Aug 28 4:00 PMEDT