There will be no offer. It is just another manipulation by Alan to print more shares at a better price.
Still drilling I guess. The most likely outcome might be a substantially reduced day rate after all.
"in response to third-party initiated expressions of interest, the Company's Board of Directors has engaged Morgan Stanley & Co. LLC to conduct a review of strategic alternatives to maximize shareholder value"
Don't let Alan fool you another time. There's no third-party interest. They just want to sell more shares into the open market using their ATM agreement with Cantor and get some more money out of the Lincoln Park equity line.
Short as much you can once the stock re-opens.
Given the obvious bribery involved in signing this contract I guess Petrobras will most likely have a strong case in court. Anyway the cash flows will be gone for the foreseeable future and the soon to be idle Titanium Explorer will now cause huge costs instead of bringing in baldy needed cash.
The loss of the contract should lead to a chapter 11 filing withing weeks.
I don't see why this should matter. The company will have to deal mainly with the highest ranking creditors in bankruptcy. No creditor would want to sell high spec drill ships into a non-existing market.
While I have no doubt about the company filing for chapter 11 within the next few weeks it looks pretty unlikely that the rigs will be sold then. Actually the company will use that time to negotiate a deal (perhaps a deal will be pre-negotiated like HERO did) with their creditors and other parties like the Cobalt Explorer shipyard and of course Petrobras now. Vantage will most likely emerge soon after that as a company with substantially lowered debt obligations and fresh cash to perhaps even take advantage of other distressed drillers. Shareholders will be holding the bag then of course.
I bought 100k shares in after hours below $1.20. Analysts on the call seemed pretty much satisfied with the company's progress and the August back to school update was VERY encouraging. I am looking for some constructive analyst commentary tomorrow morning and even hoping for some upgrades (but that might be too early).
Given their execution history you shouldn't believe a single word of management's projections. They have always missed their numbers, why should next quarter be any exception ?
Missing each revenue projection by a mile, burning cash like hell and now all of a sudden having to finance their customer's purchases. Even the remaining cash balance and quarterly cash burn are roughly the same here. It will be a tough race to chapter 11 but both will cross that line, no doubt about it.
No, distributions have clearly peaked and they will need to set aside some cash to prepare for 2017 and beyond. But at least they look safe around the current level for a couple of quarters more. Bought some at $8.10 on the undeserved sell off caused by fears over the dividend but sold now at $9.50.
As expected the company does not change its dividend policy as long as cash flows continue to more than cover the distributions. 2016 should see at least another $2 in distributions for unitholders but 2017 will most likely see a signifcant cut as new contracts currently would be cash flow neutral at the very best.
While I generally agree with your view on Chinese takeout offers I would imagine this one is for real and will most likely get done but perhaps not at the originally supposed price point given the severe issues the company's business is experiencing currently.
Given their contracts they might cut back on the distribution slightly but in fact their cash flows should be pretty safe well into 2017. If SDLP does not announce a significant distribution cut tomorrow the shares might move up very meaningfully.
It is a fact that 2/3 of the notes are already history. It is also a fact that the current unrestricted cash balance of Renesola does not cover the remaining $62 mln.
If they borrowed shares from Renesola and are still short those shares the company would be very happy to issue new shares to them for some badly needed cash infusion I guess. But there is NO such position of course.
There's also no lack of availability. Buying 5 million shares over a few weeks wouldn't even double the share price.
Here's my advice:
Take your tax loss and buy one of the Chinese solar leaders. At least you will never have to worry about conspiracies then.
Well, my hometown in fact is near Bremen, Germany and I have never been to Switzerland in my whole life. But I would guess that their investment banking is mainly located in London and New York anyway.
Frankly speaking I think you are an idiot. There are only $62 mln remaining of that convert and I don't believe today's holders are the same that bought the convert initially. It does not matter anyway. In fact the short interest in SOL has been at a six month low as of late (just below 6 mln ADRs) and has never exceeded 8% of the total outstanding shares during the last year.
So if someone got short at $10 he wouldn't care too much if the shares are doubling or even tripling from today's price to get his position covered. But actually this wouldn't be necessary anyway. Any potential hedges against the note have been long dissolved given the share price development over the last four years.
This kind of conspiracy nonsense pops up in every loser discussion on hundreds of message boards. Marketmakers, Investment Banks, Shortsellers, Hedge Fonds... they all are supposedly working against thousands of loser stocks at the same time. It is not that the companies didn't live up to expectations, of course.
This is a tier 3 Chinese solar player with a very weak balance sheet and poor earnings power. Next time the solar maket takes a beating they will be out of business most likely.
No one cares about this company anymore. With an average daily trading volume of just around $600k no major player would enter a position.
Would short the move as the earnings were disappointing, Q3 will come in MUCH weaker and no visibility into Q4 so far. Everyone is hoping for a strong rebound which might happen or not. Conference call nothing to write home about. Sell.