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Medallion Financial Corp. (TAXI) Message Board

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  • bufordbagsworth bufordbagsworth May 18, 2012 10:11 AM Flag

    The secondary has nothing to do with book value

    If you want to spend your time counting nits, the addition to book value is the net proceeds from the secondary divided by the total number of outstanding shares. The impact is miniscule and relevant only in anticipation of liquidation.

    While a secondary may be dilute earnings per share, the idea that "its accretive (sic) to shares you own depends on what you paid for your shares" is ludicrous.

    Note: Book value and market price are independent variables.

 
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