1) I guess that depends on what you consider substantive info. The meeting isn't required as far as I know. They could have just put out a press release that the merger was complete.
2) I would have to go back and double but I thought they just said the dividend would be paid mid-December. The quarter ends on the 31st.
3) I wouldn't have any problems with a reverse split. For some reason there are investors that do though which would cause another black eye on a company trying to build trust back up. This is another move wouldn't happen until the lock is off FRO2012 shareholders. Two years is a long time for shippers.
I doubt they start any share buy back until the lock is off of the FRO2012 shareholders. A buy back would have to be approved by the shareholders. That would be a lot tougher without them.
Monday is the "Extraordinary" shareholder meeting. This when we get to see under the covers on the merger AND finally get some clarity on the dividend.
Thursday OPEC will meet informally with some of the bigger non-OPEC, including Russia, to check their appetite for cuts.
Friday is the scheduled OPEC meeting. I suspect the Venezuela will start defaulting on their bills as soon as the meeting adjourns.
I'm watching Russia. They're the new swing player. The Saudis are going to continue to pump and all of this is good for shippers.
"God reveals himself to those who seek him,"
This explains quite a few items sold on Ebay.
A lot (I can't say all.) mutual funds have a minimum stock price on holdings written into their charter. Five dollars is a common price floor. This is one reason why the CFO may suggest an aggressive dividend initially. It would increase the multiple enough to get the stock over that threshold. The intent is bringing in deep pocketed investors. I suspect they'll go aggressive but the dividend will float. This won't be an income stock to pay your bills with.
Considering FRO already made 45 cents in the first 3 quarters these guys aren't exactly getting ahead of the curve. They're covering their butts. What they're saying is that results from the quarter we're in now is going to be just a little bit better than last quarter. This is clearly not the case. This quarter will be better than the last.
This quarter is almost over. They're going to crush it when they declare next quarter and the annual.
Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015.
The long-term charters for the 1995-built Suezmax tankers, Front Glory and Front Splendour, were terminated in September and October, respectively. The Company received compensation payments of $2.2 million and $1.3 million, respectively, for the termination of the charters.
In November, the Company agreed to terminate the long-term charter for the 1998-built Suezmax tanker, Mindanao. The charter is expected to terminate in the fourth quarter of 2015. The Company expects to receive a compensation payment of approximately $3.3 million for the termination of the charter.
In July 2015, the Company and Frontline 2012 Ltd entered into an agreement and plan of merger. Shareholder meetings of each of Frontline and Frontline 2012 will be held on November 30, 2015 to vote to approve the Merger Agreement.
Assuming shareholder approval and completion of the merger, the Board of Directors of Frontline has recommended implementing a dividend strategy to distribute quarterly dividends to shareholders equal to or close to EPS adjusted for non recurring items. The timing and amount of dividends is at the discretion of the Board of Directors. The first dividend for the merged company is expected to be declared and paid in December 2015.
November 23, 2015 Frontline entered into an agreement to purchase two 157,500 dwt Suezmax tanker newbuilding contracts from Golden Ocean Group Limited at a purchase price of $55 million per vessel. The newbuilding contracts are with New Times Shipbuilding Co. Ltd. in China and the vessels are expected to be delivered in the first quarter of 2017.
Short interest is dropping. Put/call ratio is zero. I bought more today. I'm still expecting a pop before the end of the month.
Here's an idea. The border between Iraq and Syria is dust anyway. Tell the Kurds they have a year. Give them weapons and air support for that year. After that year is done whatever territory they can keep and hold will be the new Kurdistan. Do you think the Iraqis will find the will to fight then? I'm certain the Isrealis and Jordanians would prefer the Kurds as neighbors over Assad.
"the routine code violations of those who (supposedly) ascribe to only the code imposed by secular society. These people, too, routinely "cherry-pick" the laws they use to justify their actions. Rioting, looting, and false testimony, for example, are (apparently) justifiable when one is angered by alleged police violence."
Rioting, looting and false testimony are all against the law and punished regularly, as is police violence. Secular society does these things to ensure that everybody is safe today, not in some promised land that may or may not exist.
PS This "Anything is "snake oil" if one is inclined to believe that the fundamental premise being advanced by the purveyors of the intellectual lubricant is false.' is something you should enter into the Bulwer-Lytton contest.
I, personally, agree with everything you've stated. What I find completely frustrating is how little these supposedly religious people actually know about whatever book they thump. Then, even if they DO know what's in their book of choice, they decide to follow it not as guide but as a rigid law. Yet when an actually law is laid before them THAT is something they decide to ignore. They'll pick and chose snippets from the tome of their choosing to justify their actions.
My opinion is that all religions are built on the business of snake oil salesmen and they aren't going to go quietly into the night. I'll give them some credit in that the architectures of their buildings are really impressive.
The Frontline website has a new time line for the next steps regarding the merger. It's specifically for the Norwegians but you can infer it will be similar for NYSE.
Something for all of us individual investors to watch for is the contango situation. It's way way over extended. There are more ships anchored as either storage or waiting for buyers of their cargo than I can remember in the past. At some point this will have to unwind and it won't be pretty for shippers. I haven't sold any of my shares and don't expect to any time soon. However, this isn't an investment that I'm going to ignore.
"Because they don't have to build a pipeline all the way to Houston. "
They do now. Admittedly, they are further along on the work on our side of the border than I had thought.
So here are a couple more things to chew on;
- It looks like Canadian Pacific railway is making a play for Norfolk Southern. I don't own either of them. I'm guessing KXL cancelation has a bunch to do with it.
- The distance from Fort Mcmurray (Tar sands) to Toronto is about the same as going to Houston. If that pipeline is such a no brainer, why have they been insisting on going across the border?
- I wrote this earlier but it bears repeating. They can still build the leg from the Bakken fields. Transcanada is in the transport business. They don't need to married to the tar sands.
- The risks between rail/truck and pipeline are different but they both have risks. Rail/truck will have a higher incident number but their damage is finite and limited to load. Pipelines are the opposite risk wise but much cheaper. The number of incidence will be fewer but the potential damage far greater and determined by many other factors, including casualty size, time and location. As a sidenote, there is a refinery process called Dimersol that uses a liquid metal (EADC) as it's catalyst. It's nasty stuff. It auto-ignites when exposed to air at ambiente temperature and explodes with contact to water. It's so bad we weren't allowed to offload it on rainy or humid days. Nation wide, that suff arrives by a semi truck. Enjoy your commute!
There's a Fortune article today titled "What the Keystone Pipeline's Death Really Means" that I think is a bit closer to the mark.
Also, I'm sure Canada pulling out of Afghanistan had absolutely nothing to do with it. Welcome to the neighborhood Mr. Trudeau!
"Typical liberal environmental nonsense where everything is a 'Cause' rather than reality."
Oropan, that's funny. Give me a list of all of the liberal causes celeb. and I'll match it one for one for the conservatives have. What makes the conservatives causes more dangerous is they're willing to burn the house down to prove a point. It isn't liberals that are attaching pet peeves to the budget. It isn't liberals that are spewing about 2nd amendment remedies. It isn't liberals that bring religion into the mix.