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dar200 602 posts  |  Last Activity: 7 hours ago Member since: Nov 16, 1998
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  • Reply to

    Stealth buyout continues unabated

    by dar200 Mar 30, 2015 5:12 PM

    Oh, I gotcha beat. The town of Tiverton, east of this island has a problem with feral cats in a wooded area of town. They just got a 50,000 government grant (my tax money) to capture, bring to a vet , sterilize and then release back where they were 900 feral cats......at a cost of 55.55 per cat!!!!! The feral cat population stays the same with less #$%$ cats until a generation or two passes.

    A 12 guage shotgun shell costs about a buck. A 10 dollar bounty eliminates the cats and the problem within a few months.

  • Reply to

    Stealth buyout continues unabated

    by dar200 Mar 30, 2015 5:12 PM

    What kind of financing do you pay your auditors over 200,000 to study? The answer is mega-financing.

  • Press release 3/27 on Tia Maria says Grupo owns 85.1%. Proxy statement says 84.6% as of 12/31/14.
    That's a big increase. Public now owns less than 15%. IMO, the forced buyout at a 15% to 18% premium will come before 6/30/16. Might even be at end of this year.

    Stupid public can't see it coming and continue to sell shares to Grupo for no premium. Can't blame Grupo. They should cause scco to buy as many as they can without paying a premium.

  • Reply to

    Not like grupo

    by dar200 Mar 27, 2015 11:46 AM
    dar200 dar200 Mar 30, 2015 5:05 PM Flag

    Here's the "corrective" press release. Message was still sent to Peru economic development people.

    SOUTHERN PERU WILL CONTINUE THE TIA MARIA PROJECT

    Lima, March 27, 2015- The mining company, Southern Peru Copper Corporation (SPCC), the Peruvian Branch of Southern Copper Corporation (SCC), announced today that it will continue its best efforts to develop the Tia Maria project, located in the district of Cocachacra, province of Islay, region of Arequipa, (Perú).

    Regarding the statements made by a representative of the company, Eng. Oscar Gonzalez Rocha, Executive President of SPCC indicated that “the statements do not reflect the will of the company. We consider the Tia Maria project important and very beneficial to the company, its workers, the community in the surrounding area of the project, as well as to the Arequipa region and the country. Completion of such project represents the regaining of trust of the mining investor community.

    Additionally, we are grateful for the efforts of the authorities of the Peruvian government to promote the creation of a development dialogue roundtable. We believe that this mechanism will permit synergies between agriculture and mining, as it happens in other countries of the world and is happening with the communities near our operations of Cuajone and Toquepala in the regions of Moquegua and Tacna. Based on this experience, SPCC firmly believes in the favorable integration of agriculture and mining.

    SPCC joins the appeals made by various parties to resume a constructive dialogue. There will always be an opportunity to look forward and to find common ground between investors, communities and the Peruvian Government”.

    Southern Peru Copper Corporation is one of the largest integrated copper producers of the country and has one of the largest copper reserves of the industry. Southern Copper Corporation (SCC), our parent company, is listed on the New York and Lima stock exchanges and is owned 85.1% by Grupo Mexico, a Mexican company listed on the Mexican stock exchange. The remaining 14.9% is owned by the international community of investors. Southern Copper Corporation operates mines and metallurgical complexes in Mexico and Peru and has exploration activities in Argentina, Chile, Ecuador, Mexico and Peru.

  • This clipped from proxy statement.....the part disclosing fees paid to the auditor:

    ".......... $228,925 for advice on potential financing, related expenses, and review of Ireland office,.........."

    Smells to me like part of the stealth buyout plan which would escape from United States taxation on Peru and Mexico profits at the same time.

  • Mortgage reits were slightly negative today.

    Equity reit index VNQ......up 1.43%
    Hotel reit CLDT.......up 1.66%
    Healthcare reit.......HCN up 1.14%
    Mfg housing reit.....SUI up 1.27%

    NRF.....pathetic today....up .17%
    NSAM just as pathetic...up .17%.....joined at the hip.

  • Reply to

    swap preferred shares for NRF

    by doeboy1956 Mar 30, 2015 12:48 PM
    dar200 dar200 Mar 30, 2015 3:14 PM Flag

    That assumes no preferred goes with a spinoff. I expect Healthcare and/or Hotels will take some preferred with it. Other than the coupon and call provision, all of the preferred are pari passu (equal to each other in all respects).

    Don't know how it's done, but expect it will be done. Otherwise, at the end of the line (after healthcare, hotels and mfg housing are spun off), you only have mortgage, apartments, industrial and private equity supporting all equity. So much preferred would leave very little value to common, and very little cushion in front of the preferred.

  • Reply to

    swap preferred shares for NRF

    by doeboy1956 Mar 30, 2015 12:48 PM
    dar200 dar200 Mar 30, 2015 2:27 PM Flag

    BTW, on a split adjusted basis, the May 2012 dividend was 30 cents. I expect the May 2015 dividend will total 52 cents (41 nrf + 11 nsam). Hmmmmm, 30 to 52 in 3 years....that's a 73% increase. Even if neither dividend increases, it's 50 cents, a 66.7% increase from May 2012.

    I do not expect such increases going forward. However 4% annually compounded for 10 years is a 48.02% increase in the 10th year, comparing year 10 to year 1.

    What will your preferred dividend be 10 years from now? It will be exactly the same as today. If inflation is exactly 2% per year for 10 years, the purchasing power of 1.00 in the 10th year will be the same as 82 cents today.

    As to roc, preferred carries out taxable income first. Preferred is 100% taxable before the first penny to common is taxable. I'm hoping for 50% roc on common for 2015, but I really can't even begin to quantify it. I thought for sure 2014 common would be 100% roc because of the 308 million loss on refinancing the exchangeable notes plus all the new depreciation. I was wrong. But I know as a fact that if any of my common dividend is a taxable ordinary dividend, then 100% of preferred is ordinary.

  • Reply to

    swap preferred shares for NRF

    by doeboy1956 Mar 30, 2015 12:48 PM
    dar200 dar200 Mar 30, 2015 1:50 PM Flag

    Your problem ain't gunna go away. Dying holding the preferred makes the income tax go away, but the fact that inflation will eventually erode the purchasing power of both the principal and the never increasing dividend will not.

    I first suggested on this board swapping preferred for common in April, 2012. Those who did are very, very happy. Those who did not are in your situation.

  • Reply to

    The Yahoo Police won't ...

    by lunco Mar 29, 2015 12:21 PM
    dar200 dar200 Mar 29, 2015 4:34 PM Flag

    That's great. Hamo needs it to increase cad per share a penny or two. Griffin properties at neutral is like an anchor (much bigger denominator). Long term, imo, griffin a great buy. But Hamo reached, price-wise, to get it.

    Value of almost all properties are higher today than when deals struck because cap rates have come down substantially. But unrealized appreciation does not get into cad or cad per share. Just have to wait for realization events or spinoffs to isolate higher value in pure vehicles. I have the time and will to wait, getting plenty in yield to do so.

  • Reply to

    NRF looks like a spinoff story

    by deanmortensen Mar 27, 2015 9:33 PM
    dar200 dar200 Mar 29, 2015 11:12 AM Flag

    Yeah, the jury still can't decide on you. Had you paid attention to the intelligent life on this board for about the last three years, you would be holding a ton of NRF instead of just a few and have a lot more wealth than you have now by holding just a few.

    Your grand (and correct) conclusion that NRF will continue to spin off reit sectors is only about a year late to this board. Those who followed smarty pants have made lots and lots of money investing in NRF. Too bad you were on some other planet not paying attention.

  • Reply to

    NRF looks like a spinoff story

    by deanmortensen Mar 27, 2015 9:33 PM
    dar200 dar200 Mar 28, 2015 8:55 AM Flag

    Very astute conclusions, imo.

    BTW, what planet did you just arrive from?

  • See IV board.

  • Reply to

    Not like grupo

    by dar200 Mar 27, 2015 11:46 AM
    dar200 dar200 Mar 27, 2015 3:16 PM Flag

    Maybe the whole thing is concocted. Can't put out a false statement (cough, cough). Maybe the board was considering cancellation and Julio "misunderstood", putting out an erroneous (not false) statement to shake up the government people that the money would be spent elsewhere if they did not put down the protests. Oscar comes to the rescue, but the government is warned. If things don't quiet down over Tia Maria....the investment and consequent jobs and economic impact goes elsewhere.

    The above coming from Grupo would not surprise me. IMO, they play hardball with a very hard ball.

  • Reply to

    Not like grupo

    by dar200 Mar 27, 2015 11:46 AM
    dar200 dar200 Mar 27, 2015 1:46 PM Flag

    Told'ya we'd hear more about this. Guess who is out of a job.


    LIMA, March 27 (Reuters) - Peru's Mining and Energy Minister Rosa Maria Ortiz said on Friday Southern Copper's announcement to cancel its Tia Maria project had taken the government by surprise and that the company was expected to reverse its decision.

    Ortiz said she spoke with Oscar Gonzalez, the president of Southern Copper Corp, who said the company will "rectify" its previous announcement.

    Yeah, old Julio is gunna get rectified in his rectum.

  • If correct, it is very unlike Grupo to give up a fight before being knocked out by the highest court in the land.

    LIMA, March 27 (Reuters) - Southern Copper Corp has canceled its $1.4 billion Tia Maria project amid protests in Peru, Julio Morriberon, the company's head of institutional relations in the South American nation told local radio RPP on Friday.

    I suspect we will here more about this.

  • Reply to

    SUI - Buy before divy - dar/kenpally

    by krpantri Mar 25, 2015 11:20 AM
    dar200 dar200 Mar 27, 2015 11:13 AM Flag

    Too late for answer as it is ex div now.

    In a retirement account it makes no difference. In a taxable account you are buying a dividend to the extent it is not roc if you buy the day before ex. Buying on ex day = theoretically perfect yield calc.

    I sometimes trade to "capture" dividends because the market soon forgets about ex divi day.

  • Bought 5,000 nrf at 18.0616 (incl comm) for a flip or yield. May have to wait for good news for a decent flip, but yield makes wait worthwhile.

    I expect an acquisition announcement in the near future involving issuance of new upreit units. This may coincide with a nsam announcement involving issuance of up-c units. They did not create the up partnerships now for no reason, imo.

  • Reply to

    Assuming that NRF's dividend is...

    by lunco Mar 25, 2015 1:49 PM
    dar200 dar200 Mar 25, 2015 5:02 PM Flag

    October is best month. Frequently excellent weather and kids are back in school so mid-week hoards of tourists are gone. May is often wet and cold. Forget about between Memorial Day and Labor Day, as restaurants are mobbed to get higher prices and lower quality food and service. We don't go to downtown Newport in the summer. No parking, expensive parking, meter maids waiting to pounce the second time expires.

    If you need help with reasonable acommodations and other local tips, holler here and we'll switch to private email.

  • Reply to

    Short Position

    by leonhardeuler1 Mar 25, 2015 9:16 AM
    dar200 dar200 Mar 25, 2015 2:26 PM Flag

    It's in the forward sales agreement which was filed with the sec shortly after the offering was announced. It could be an exhibit attached to an 8-K or prospectus.

EDE
24.82-0.05(-0.20%)Mar 31 4:02 PMEDT