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Westwood One, Inc. Message Board

beginvestor 16 posts  |  Last Activity: Jan 22, 2016 7:34 PM Member since: Oct 31, 1999
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  • Rio de Janeiro, January 22, 2016
    Oi S.A. ("Oi" or the "Company"), pursuant to the provisions of article 12 of CVM Instruction No. 358/02, discloses that it was contacted by BlackRock, Inc. with the following information:
    "Dear Sirs,
    1 BlackRock, Inc. ("BlackRock"), on behalf of some of its clients, as investment manager, informs that it has acquired preferred shares issued by Oi S.A. ("Company"), holding on January 20, 2016 an aggregate of 4,126,635 preferred shares and 3,762,082 American Depositary Receipts ("ADRs") representing preferred shares, representing 5.01% of the total preferred shares issued by the Company and 65,606 derivative financial instruments indexed to preferred shares with financial settlement, representing 0.04% of the total preferred shares issued by the Company.
    2 In order to comply with the provision on Article 12 of the Brazilian Securities Commission (Comissão de Valores Mobiliários, or "CVM") of January 3, 2012, as amended, Black Rock requires the Investor Relations Officer of the Company to disclose to the CVM and to the other relevant authorities the following information:
    (i) BlackRock is headquartered at 55 East 52nd Street, New York City, New York 10022-0002, USA;
    (ii) the equity interests held by BlackRock in aggregate are 4,126,635 preferred shares and 3,762,082 ADRs representing preferred shares, representing approximately 5.01% of the total preferred shares issued by the Company and 65,606 derivative financial instruments indexed to preferred shares with financial settlement, representing approximately 0.04% of the total preferred shares issued by the Company as specified in item 1 above;
    (iii) the abovementioned held equity interest are strictly for investment purposes, not aiming to change the control of the controlling interest or the Company‘s management structure; and
    (iv) Black Rock has not entered into any contracts or agreements regulating the exercise of voting rights or the purchase and sale of securities issued by the Company.

    Sentiment: Strong Buy

  • beginvestor beginvestor Jan 20, 2016 10:39 PM Flag

    Agree!

    Sentiment: Strong Buy

  • Reply to

    what happened today

    by gumchudha Jan 20, 2016 4:35 PM
    beginvestor beginvestor Jan 20, 2016 5:08 PM Flag

    The preferred to common equity already took place a while back that is done. Morgan Stanley, Vanguard and Black rock are been upping their stake in the preferreds recently though.

    Sentiment: Strong Buy

  • beginvestor beginvestor Jan 19, 2016 8:57 PM Flag

    That I do not know, especially with Morgan Stanley, Vanguard and GS increasing their positions, especially in the preferred shares lately.

    I wish I knew, makes no sense to me either.

    Sentiment: Strong Buy

  • January 19, 2016 — 11:07 AM CST

    Telecom company negotiating credit with two banks, source says

    Oi has been pursuing a merger with Telecom Italia's Tim

    Brazilian wireless carrier Oi SA is negotiating with two banks to provide as much as $1 billion in credit to refinance short-term debt as it prepares to make an offer to merge with competitor Tim Participacoes SA, according to a person with knowledge of the matter.

    The banks are also likely to join the company’s M&A advisory team, according to the person with knowledge of Oi’s thinking, who declined to name the lenders and asked not to be identified discussing private information. Barclays Plc and Banco Santander SA are likely to get roles in the transaction, two other people said. Still, Grupo BTG Pactual will remain the lead negotiator, according to one of the people.

    A merger is likely to increase efficiency for both companies in a crowded wireless market, but Oi has been the more proactive of the two in pursuing a combination. That’s largely because a merger would help it climb out from under its massive pile of debt. Net debt rose 7.5 percent in the third quarter to 37.24 billion reais ($9.2 billion), from the previous three-month period, according to Oi’s website.

    LetterOne Holdings SA, Russian billionaire Mikhail Fridman’s investment company, has pledged to inject as much as $4 billion into the carrier, provided it pursues the Tim merger. Tim is controlled by Telecom Italia SpA.
    Adviser BTG has troubles of its own. Its bonds and stocks plummeted after then-Chief Executive Officer Andre Esteves was arrested in November amid a widespread corporate corruption scandal. Esteves, who has denied any wrongdoing through his lawyers, was released from jail after being held for three weeks and is now under house arrest. While investors worried BTG’s troubles would torpedo Oi’s M&A efforts, the telecommunications company has said BTG is only an adviser.

    Sentiment: Strong Buy

  • beginvestor beginvestor Jan 11, 2016 7:17 PM Flag

    I saw that to. Wonder what they know that we don't?

    Looks good long-term to have them in this, especially in the the preferred.

    Sentiment: Strong Buy

  • Reply to

    preferred vs common shares

    by gumchudha Jan 6, 2016 4:51 PM
    beginvestor beginvestor Jan 7, 2016 10:21 AM Flag

    Thanks simbaassad for your informative post, much appreciated.

  • "Dear Sir,
    In compliance with the Comissão de Valores Mobiliários ("CVM") Instruction 358 dated January 3, 2002, Article 12, please be notified that, as of December 15, 2015, Morgan Stanley (in the aggregate, through its subsidiaries, Morgan Stanley Uruguay Ltda., Morgan Stanley Capital Services LLC and Caieiras Fundo de Investimento Multimercado) reached 8,197,793 preferred shares issued by Oi S.A. (the "Company"), equivalent to 5.2% of outstanding preferred shares of the Company. Such position already includes 546,800 loaned preferred shares as well as physically-settled derivatives referencing 2,100,000 preferred shares.
    In addition, Morgan Stanley (in the aggregate, through its subsidiaries, Morgan Stanley & Co. International plc, Morgan Stanley Uruguay Ltda. and Morgan Stanley Capital Services LLC) reached long economic exposure through cash-settled derivative instruments referencing 309,371 or 0.2% of the outstanding common shares of the Company; and short economic exposure through cash-settled derivative instruments referencing 6,947,737 or 4.4% of the outstanding common shares of the Company.
    Morgan Stanley does not intend to change the control or management of the Company.
    Sincerely,
    By: Cesar Coy
    Title: Authorized Signatory"

    Sentiment: Strong Buy

  • NOTICE TO THE MARKET
    Oi S.A. ("Oi" or the "Company"), pursuant to the provisions of article 12 of CVM Instruction No. 358/02, discloses that it has received correspondences from Morgan Stanley, with the following information:
    "Dear Sir,
    In compliance with the Comissão de Valores Mobiliários ("CVM") Instruction 358 dated January 3, 2002, Article 12, please be notified that, as of December 9, 2015, Morgan Stanley (in the aggregate, through its subsidiaries, Morgan Stanley Uruguay Ltda., Morgan Stanley Capital Services LLC and Caieiras Fundo de Investimento Multimercado) reached 7,876,710 preferred shares issued by Oi S.A. (the "Company"), equivalent to 4.9% of outstanding preferred shares of the Company. Such position already includes 603,000 loaned preferred shares as well as physically-settled derivatives referencing 2,100,000 preferred shares.
    In addition, Morgan Stanley (in the aggregate, through its subsidiary, Morgan Stanley & Co. International plc) reached long economic exposure through cash-settled derivative instruments referencing 181,945 or 0.1% of the outstanding preferred shares of the Company.
    Morgan Stanley does not intend to change the control or management of the Company.
    Sincerely,
    By: Cesar Coy
    Title: Authorized Signatory"

    Sentiment: Strong Buy

  • beginvestor beginvestor Dec 15, 2015 6:34 PM Flag

    It's going to really get interesting soon.

    Sentiment: Strong Buy

  • RIO DE JANEIRO, Dec 15 (Reuters) - Brazilian investment bank BTG Pactual SA still has a mandate from telecommunications company Oi SA to negotiate a possible merger, Oi's head of investor relations said on Tuesday.

    Marcelo Ferreira told journalists that various investors had shown interest in taking part in the consolidation of Brazil's telecom market, but so far investment firm LetterOne, controlled by Russian billionaire Mikhail Fridman, is the only one that has taken concrete steps.

    (Reporting by Juliana Schincariol; Editing by Chizu Nomiyama)

    Sentiment: Strong Buy

  • Reply to

    Any news?

    by cherukuripavan Nov 30, 2015 9:39 AM
    beginvestor beginvestor Nov 30, 2015 5:24 PM Flag

    I was wondering the same. Someone puts this news out today only to drop the share price to pick it up on the cheap. I'be seen this before.X

  • Reply to

    Any news?

    by cherukuripavan Nov 30, 2015 9:39 AM
    beginvestor beginvestor Nov 30, 2015 9:58 AM Flag

    I find no news anywhere. Might be end of the month window dressing by a hedge fund.

  • Reply to

    Volume gone.

    by mikkelbang Nov 13, 2015 2:03 PM
    beginvestor beginvestor Nov 14, 2015 1:44 PM Flag

    From the SA article that came out recently.

    I see the potential and the risk. The only confusion I have is the disparity between the pricing of the common ADR and preferred ADR. Is this all because the preferred doesn't have tag along rights?

    Author’s reply » Hi RY, the OIBR are worth exactl;y 92 % of the OIBRC. When the merger happens both shares will receive this ratio of newco shares. Why it trades like this..we do not know. Possibilities include shorters in Oi who are involuntary shorts in OIBRC after the exchange, and they are being called in. Investors who did the exchange are not sellers..( like ourselves) creating liquidity issues. Or people are afraid of a large reverse share split in only the preferred? It pretty much shows us there is no way of knowing but somehow I suspect something to do with shorting or a backfired arbitrage. The OIBR are the same exact shares at a .92 ratio but do not have a vote, liquidation preference or cumulative dividend. They are only preferred in regards to getting their dividend first, then the common receives the same and then they split the rest 50-50. So just buy the OIBR if you are buying

    Sentiment: Strong Buy

  • Reply to

    Volume gone.

    by mikkelbang Nov 13, 2015 2:03 PM
    beginvestor beginvestor Nov 14, 2015 1:30 PM Flag

    I must have this backwards. So the OIBR are the preferred shares and the OIBR-C are the common shares? The info below is from the recent SA article.

    Merger between OI & TIM Participacoes

    We reiterate our R$ 24.75 ($6.50 USD) target for the Oi Telecom common shares (NYSE:OIBR) and initiate the bonds of Oi with a buy.

    First of all we should explain that is not a penny stock by definition although it trades for cents. This is due in part to the crash in the Brazilian stock market, the Brazilian Real and a loss of confidence in the company over the last year. Oi is one of the largest phone companies in the world and we believe that its value is intact. Our price - $6.50 - may seem high but this target is the result of several intersecting valuation methodologies:

    Sentiment: Strong Buy

  • Reply to

    Volume gone.

    by mikkelbang Nov 13, 2015 2:03 PM
    beginvestor beginvestor Nov 13, 2015 6:42 PM Flag

    The volume went to the preferred shares.

    Sentiment: Hold