I tell you what we need. We need a large shareholder to "take off the gloves" and start getting their hands dirty with Malon Wilco and crew. They have floated on rudderlessly for the last 2 years and its about time we as shareholders get some transparency into where we are going. Honestly management is waaaayyy too cozy and needs the fear of God struck into them. We're at the same price we were 30 months ago with no divies (so is MAIN but investors have collected about 5 dollars a share of divies since then :))
no price change no reverse split for GPT. We are buying them with our stock (GPT). there will be 132 mil shares issued and total after closing. RIght now the stock price is being played by arbitragers.
your "maths" is a wee bit off. No RS for GPT. So tech we are buying them with our stock. They (CSG) will get 74.25 mil of new GPT shares. Currently there are 57.7 mil shares of GPT. There will be 131.95 mil shares approx after the merger.
GPT shareholders = 57.7/132 ~ 44%
CSG shareholders = 74.25/132 ~ 56% of the new co
ok so as of last Qtr NBV was 759 mil/ 41.43 = ~18.32.
And it looks as if this portfolio was priced at about 3.68% prem over its BV. (35/950). This sale represented about 25.8% of their "flight equipment". Now if we apply this same premium over all their planes the adjusted book values are as follows (presale):
@3.5% prem to book: 759mil + prem (129 mil) = 21.43 NBV
@3% prem to book: 759mil + prem(110 mil) = 20.98 NBV
This might actually be a conservative estimation due to the fact that the recent sale was mostly older (10+ years) planes.
well looks like leverage will remain 3-1 to 4-1 but the sale of the portfolio will help bring in 50 mil of pretax annual income on a 1.7 bil acquistion of aircraft, supposedly. :)