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Syntroleum Anonim Ortaklık Message Board

  • oilly2bed oilly2bed Dec 18, 2013 7:18 PM Flag

    Some Facts

    FACTS:

    Cash On Hand @ $14.2MM
    Assume: Cash Burn @ $2.5MM/Qtr. = $9.2MM remains @ Close
    Cash to Transfer to REGI = $3.2MM

    Cash to Distribute w/ Shares = $6.0MM ($0.60/Share)

    Named Insiders Hold 627,570 Shares (6.30% of Outstanding Shares) as of 9/30/13.
    Tyson Holds 800,000 Shares (8.03% of OS) as of 9/30.
    Major Inst. & Funds (12) Hold 1,566,675 Shares (15.72% of OS) in last filings (source E-Trade & Yahoo):
    I limit consideration to positions Greater Than 24,000 Shares.

    The bulk of the Shares in this company are held by small individual investors (68.95%). These investors control the approval process for ANY deal.

    Assumption:
    Gary Roth & Robert Rosene do not want to go to jail for fraud.

    FACT:
    Individuals & Directors by virtue of their Employment/Retainer Contracts & the Corporate By-Laws cannot be held Individually & Separately Responsible for this decision. If any litigation is in any way successful then it must fund out of the proceeds of the Sale or the Cash Left-Over.

    Tyson, the Institutions & the Funds want ALL of the Cash & Stock Distribution that they can get & will countenance zero Board/Management behavior to the contrary. It's Jail House time if the Board & Management do not hew to a VERY narrow course from here on out.

    The REGI Closing Price today was $11.10/Share: @ $0.3809 Shares per Share I Value SYNM @ $4.28 + $0.60 (Cash) for a Net of $4.88/Share. Our Top-Side Valuation would be $4.92+$0.60 = $5.52. The closing price of $3.34 represents only 68% of the current deal value. A REALLY steep discount.

    OPINION:
    Not many investments out there with a 32% return for 4 mos. The risk, as always, is management competence.

    I personally believe the deal to be a GREAT low-ball effort by REGI. It is a testament to the foolishness of Robert & Gary that they could squander the prize after so much effort.

    BUT.....you have to make hay while the sun shines. IDCIBM.
    Good Luck to All.............except the Law-Suit Folks.

    Sentiment: Buy

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    • Leave us not bury the FACTS.

      • 1 Reply to oilly2bed
      • You wouldn't know a fact if it bit you.
        You posted as FACT:
        " Cash to Distribute w/ Shares = $6.0MM ($0.60/Share)"
        Read the APA.
        Section 1.02 Excluded Assets .
        (h) the amount of cash equal to the Cash Reserve;
        From the definitions:“ Cash Reserve ” means cash in an amount equal to the lesser of (a) $5,300,000, and (b) the Company’s cash on hand at Closing.
        With only a max of $5.3MM after closing, to be used to pay all obligations (including all severance),tell me where the 6MM cash to distribute comes from?

        Sentiment: Sell

    • REGI is now trading at $11.80!!!
      Most likely REGI would be above $13 on March.

    • Cash On Hand @ $14.2MM
      Assume: Cash Burn @ $2.5MM/Qtr. = $9.2MM remains @ Close
      Cash to Transfer to REGI = $3.2MM

      Cash to Distribute w/ Shares = $6.0MM ($0.60/Share)
      Not so fast.
      Did you subtract the money owed to Piper Jaffray for getting us to this point?
      How about the cost of legal consul to get thru dissolution?
      How many other claims or obligations are out there and not being assumed by REG?
      I suggest you read exhibit 2.2, filed in the current report ( 8-K ) dated 12-17-2013.

    • Another Re-Post for Charles Alexander

      Sentiment: Buy

    • LATEST FACT

      Deal @ $3.15 SYNM/share = REGI @ $8.27/Share vs. Current $11.08/Share Price -- a 25% Discount. This is $0.24 below the nearby $8.51 8 month Trading Low. And as long as the Premium does not contract it will always remain 25% cheaper until the Close.

      Sentiment: Buy

    • Thanks, oilly! Nice to have a sane, rational and factual discussion here!

    • Little tid bit TULSA, OK (MMD Newswire) March 13, 2012 -- Frank Bumstead purchased 82,182 shares of Syntroleum Corp stock, or $81,442 worth, as noted in an SEC Filing today. As reported in the filing, the transactions occurred on March 8, 2012.

      After the transaction, Frank Bumstead's stake was reported as 477,133 shares of Syntroleum Corp stock. Frank Bumstead's title was listed as "Director" at Syntroleum Corp within the filing.

      As noted on March 12, 2012, Frank Bumstead's purchase was done directly over 1 transaction on March 8, 2012. The share price for the transaction was $0.99 according to the regulatory filing detailing the trade.

      If we look over the past 12 months, Frank Bumstead has sold no shares of Syntroleum Corp stock. Over the same time period, Frank Bumstead has purchased 117,833 shares of Syntroleum Corp, with a total cost of $129,550. Frank Bumstead has also performed other transactions including grants or awards .

      Let's take a quick, high-level look at insider trading at Syntroleum Corp over the past 12 months. No shares of Syntroleum Corp stock were sold by company insiders. Over the same time 12 month time period, 252,833 shares of Syntroleum Corp, for a total value of $316,445 were purchased by company insiders.

      Source: SEC Filings

    • I'm not sure about your opinion on cash remaining, not only the amount but the fact that REGI is the approval authority for any cash disbursements/dividends etc.
      From my understanding, a rough skim early this AM w/ coffee and a bitter taste welling inside, any extra cash after dissolution process would belong to REGI.
      I'm already really PO'd about the deferred revenue 15.5M on synms balance sheet that goes their way....
      I'm a seller w/ any pop above $4, cut my losses down to about 35% and wish every one luck.
      Should a vote come before the number I fully support the deal, after all it would, at the top of the sale value drop my losses by a few more percentage points when I sell my REGI shares.

    • I am hopeful that Nasty Oil, Tyson or someone will launch a Bid north of $60MM which is well below reasonable valuation. If this deal does not flush-out a legitimate & more substantial bid then REGI's Bid, for all of it's flaws, was truly the best they could do.

      Sentiment: Buy

 
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