Flipper is right. The rights offering and other factors will depress the stock.
BUT, shareholders get a $2.20 dividend. CCA revenues are rising steadily. Debt will be refinanced at a lower cost. New management will be brought in. Credit rating should be upgraded. This is great news.
No worries about dilution for the preferred A. And it will be senior to the dividend preferred and preferred C bought by Pac Life.
When I was a broker many years ago I had a client buying Mexican firms. Most had a minimum of a 500mm share float, 15 different classes of stock, preferred and always paid dividends in common. You could NEVER truly figure out their earnings per share.
Anybody want to take a wild guess on the PZN's shares outstanding, fully diluted, after this whole mess is over? 400MM?