CVRR just called me 1pm eastern re email i sent yesterday to an email link on the web site
Persons name was James Finks. Said he works for CVRR not an account rep. He said the result of this is that it increases the Public Float. This he says will allow institutions to take positions if they want as many have rules on float size. They do not like small float because if they move out of a position it will trash the stock. Sooooo I asked when would all the stock be sold at 30.75. He said it was ALL sold last night. As in done deal.. He said look at he S1 structure basically CVRR sells 12 mill to the public increasing the float. These shares were bought from the Parent CVR. No dillution. I said then this is a positive! He kinda said yes but you know he cant say that..
Peace The Capper.GLTA longs
So the offerimg trades should be settled by now. Looking for an announcement from cvrr to that end. We shoild see price appreciation going fwd. They just increased the float with no dillution. As i was told to allow institutions to buy going forward. They may want 2 more qters of earnings before they will buy. I see no downside from here. This wont stay at 20% divi. The pps will move up to bring this in line with the rest of the refiners....... Peace The Capper
I would expect an announcement after the trades settle saying the offering was completed. Once that happens we will see normalized valuation. I should have bought more when it went under 30 but I own enough for my little account. Thought it was great that they actually called me today. The guy was positive ergo this float increase will allow funds to buy now. Those with float restrictions which as i understand it are requirement in the fine print of most funds. They cant take a big position in low float equities in case somehting hits the fan and they have to liquidate during which with a low float that selling by itself pole axes the equity. The offering was "overbought" so just sit back and enjoy this I think. IEP did this at 63 when the stock was in the 70s and that float is still small. Iep is now 84. Talking to the cvrr rep today made sense in terms of why this was done now. He was positive.