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Enzon Pharmaceuticals Inc. Message Board

  • pjmyers_tsi pjmyers_tsi Apr 24, 2013 12:51 PM Flag

    Email I just sent to IR, will re-post if they answer

    Dear IR,

    I am a longer-term ENZN stockholder now trying to understand the meaning of yesterday’s announcement, in terms of a stream of likely future dividend payments – ie. how much and when.

    Reviewing the company financials, there is one thing I do not understand (because, alas, I am no accountant). I see there is ~ 200m in cash and similar assets. There is also mention of ~ 116m in “convertible 4% notes”. Are the latter a liability? If so that might mean that NET assets are only roughly 200 – 116 = 84m. If so, then the announced 70m special dividend payment would leave only 14m for company purposes. Have I understood this aright?

    The other matter for which I need clarification is: how many years of revenues at almost $1 per share (ie 41.5m of revenue and about 44m shares) can we expect?

    I am totally at a loss as to why the stock (ENZN) has FALLEN to about 3.40 (it opened today at 4.01).

    Upon reviewing this email, it may come across as confused: again, I am just trying to understand the stream of payments a stockholder can reasonably expect in future, and hence the value of a unit of ENZN. It seems one should be able to calculate it fairly precisely in your present circumstances. The stock seems a screaming buy at 3.40, but I want to make sure I have not misunderstood something major!

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