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Bebe Stores, Inc. Message Board

banana_split_52 4 posts  |  Last Activity: Sep 10, 2014 8:04 PM Member since: Aug 12, 2011
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  • Reply to

    Consac Hedge Fund continues to push for sale

    by brad_welsh Sep 6, 2014 9:35 AM
    banana_split_52 banana_split_52 Sep 10, 2014 8:04 PM Flag


    What did you think about the dividend cut? I thought it was pretty surprising since Bebe still has a big cash position and it reduced Manny's dividend from $4.6M to $2.76M per year. What was your take on the rumor through Bloomberg earlier this year about Bebe shopping itself around? There was a big spike in the stock to $7 before beginning a slow slide back down before it really tanked with Birkhold resigning. Very strange set of events....

  • banana_split_52 by banana_split_52 Sep 2, 2014 4:44 PM Flag

    On the big losses related to the YME project, does anyone know if those losses can be used to offset taxes owed on TLM's other Norway production?

  • Reply to

    76 million shares.

    by gordon939 Sep 2, 2014 11:18 AM
    banana_split_52 banana_split_52 Sep 2, 2014 4:39 PM Flag

    As part of the sale of its 49% sales to Sinopec for $1.5B and offloading 50% of the abandonment liabilities (50% of $3B, undiscounted) in late 2012, TLM agreed to invest $1.9B from 2013 to 2016 to upgrade the existing North Sea UK facilities and expand on infill opportunities particularly its Montrose project (~$800M). It has probably has spent about 1/2 the $1.9B so far. Montrose is supposed to come on line in 2016. The free cash flow from the SE Asian operations is going to fund much of the UK work, which does not generate the necessary cash flow to fully fund the capex in the UK. After this big spend is completed, cash flow can be diverted to higher value projects with better returns, pay down debt and/or buy back stock.

  • banana_split_52 banana_split_52 Aug 26, 2014 8:33 PM Flag

    Look closer at the SEC filings, Ichan's basis is closer to $12.50 per share. Ichan acquired most of his stake (all common stock, not preferred stock) mostly through deep in the money call options, but also purchased about 4M shares of the position directly buying stock. He has a standstill agreement with TLM, which allowed two of his appointees to the board. He can't raise his stake and agreed to support the nominees to the board back in May. I believe this standstill runs for about 1 year.

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