Hi Mason, Because the offering is subject to securities laws, we are restricted in what we can say during the marketing period and are limited to what is included in the prospectus. We expect that the offering will price next week. Below is a link to the offering prospectus located on the TA website.
As a large Investor in TA (100K shares) I would like to know why the management has made such decision to dilute and destroy shareholder value at a time that TA could have continued to appreciate. To make such a move so deeply under book value is ill advised and will lead the stock price lower. When will the company release information about why they are destroying shareholder value what they are exactly doing with the proceeds?
Including the proceeds from the 1,000,000 common shares that Hospitality Trust intends to purchase in this offering from the underwriters at a price equal to the public offering price, we estimate that the net proceeds to us from this offering will be $74.1 million, or $85.1 million if the underwriters exercise their over allotment option in full. We currently intend to use these net proceeds for general business purposes, including funding capital improvements to our existing travel centers, acquisitions of additional travel centers and other expansion activities. See "Use of Proceeds" for more information."