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Ares Capital Corporation Message Board

  • grleader grleader Apr 15, 2008 3:11 PM Flag

    New NAV will likely still be > 14

    Assume that the current NAV is 15.10 and there are 3 shares outstanding.

    Now assume that 1 new share is sold at 10.88.

    Then the new NAV is [(15.10 x 3) + 10.88]/4, which equals 14.04.

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    • Stop playing with the numbers. Just buy the stock at 11.20 and get it for 80% of book. End of story, rights offering or not. Especially if the offering is cancelled. Give me a break. There is zero dilution to any holder who exercises and the added benefit of oversubscription. That is the hidden treasure here. I sold my rights as I have said previously and bought stock today. I will gladly buy more in the shorts hit it harder. I could buy rights back anytime before expiration for less and still take part. Right now you pay 2% to save 5%. That's a fair deal if it is not cancelled.

    • corret, plus 1q earnings - divy...

      I am thinking about excersising the rights

15.44+0.10(+0.65%)Oct 24 4:00 PMEDT