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Rexahn Pharmaceuticals, Inc. Message Board

ofir_menkes 50 posts  |  Last Activity: 4 hours ago Member since: Jul 27, 2008
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  • ofir_menkes ofir_menkes Mar 26, 2014 2:53 PM Flag

    I read it on the Israeli stock exchange website (WWW.TASE.CO.IL).
    I do not know what form it is. sorry.

  • ofir_menkes ofir_menkes Mar 26, 2014 2:45 PM Flag

    The source is that they filled a document saying that these are the terms that are shaping to be the
    deal with the bond holders.

  • Elbit Imaging has said today that currently the proposed agreement for Plaza Centers (62.5% owned by
    Elbit Imaging) bonds payment reschedule look like:
    1. 13.5% of the equity will be given to bond holders at no cost. that will dilute elbit imaging to 54%.
    2. Equity holders will invest 20M Euro in a form of a rights offering.
    3. Bond payments will be postponed by up to three years and bonds will get an extra 1.5% per year of
    interest (about Israeli CPI +6.5% on average).
    4. Bonds will have a negative pledge - company's assets are the collateral and 75% of net asset sales will
    be paying down the bonds.
    Implications: Elbit Imaging has enough money to secure its rights and anyone else who has not exercised
    its rights, so that it could bounce back to 60%+ holding at plaza. plaza centers nv is a large part of Elbit's
    value and keeping its equity position will be a big positive.
    The market taking down elbit's share price could a reaction to the fact that elbit will pay to keep its control
    over plaza and to the fact that gamida cell deal is not closed (will not be closed for a while).
    Plaza agreement will be finally reached in June 2014, so that uncertainty will be removed only then.
    Good luck to the company and to us, its shareholders.

  • Reply to

    could this be the day?

    by starteam003 Mar 18, 2014 8:12 AM
    ofir_menkes ofir_menkes Mar 18, 2014 10:36 AM Flag

    If the numbers and rumors are true and only if,
    He is what it does: if the total price is $500M by Novartis, with a cash initial payment of $200M, it
    would generate for elbit medical $62M and they could pay $35M out of that for Elbit as a repayment
    of their shareholder's loan and leave $10M for general corporate (doubt they need that much - their
    only other holding is 42% of insightec) and the rest would go towards a special dividend.
    86% of the dividend would go to Elbit Imaging, which would generate $45M overall in proceeds.
    That money is partially obligated to go against Bank Hapohalim's debt and the new bonds, but
    part of it would be added to cash at hand and will be used for the plaza centers rights offering.
    Assuming they give 13.5% of the plaza centers ownership to the bond holders, being a backer of
    the rights offering, elbit could retain 62.5% or even slightly increase their holding at a very low
    price.
    This will remove all cash needs for the company for the next 3 years. they could let insightec
    develop quietly using ge in order to increase its value, could wait a bit with the hotels sale and
    maybe fix the antwerp hotel. the hotel values should be going up now.
    The India lands are still the key. their value will be in the hundreds of millions over a number of
    years. the question is when will the development finally start. they will be also a windfall for
    plaza centers. they should be a game changer over time.
    I am still wondering about the value (if there is) in their 16.6% of olive software and whatever there
    is in Varcode.
    Selling their land rights in Tiberius should also be considered. it is worth much more than it was
    worth in 2008 ($13M invested so far for the rights on 11 acres). I am sure some hotel management
    companies would love to own an hotel on the shores of the sea of galilee...
    Good luck to the company and to us.

  • Reply to

    so what's next

    by starteam003 Mar 14, 2014 6:49 AM
    ofir_menkes ofir_menkes Mar 14, 2014 1:05 PM Flag

    Reverse split is when a company consolidates the number of shares outstanding.
    for example, you could get one share for every 5 or ten shares you owned. doing that, you
    get a higher share price and less shares outstanding. it is usually not good for share
    price. beyond that, this company's shares will be doing better when a management
    appointed by the new owners and in sync with the board of directors start dealing with
    the company's tasks and assets. these assets are now trading at rock bottom valuation
    and the company need a stable management to help plaza centers in their quest to
    rebuild their platform. the potential is big, but management attention is in order...

  • Reply to

    so what's next

    by starteam003 Mar 14, 2014 6:49 AM
    ofir_menkes ofir_menkes Mar 14, 2014 10:46 AM Flag

    That is a purely technical thing that can be resolved by a reverse split as well. the increase in share price will
    not happen due to the technicalities. it will happen as the company monetize assets and exposing their
    value.

  • Reply to

    Exactly how much debt does EMITF hold now?

    by anos1o Mar 5, 2014 2:29 PM
    ofir_menkes ofir_menkes Mar 10, 2014 9:47 AM Flag

    I do not know his personal income sources, nor do I care too much. as far as the
    income from the public companies is concerned, it has almost stopped. most
    of his income was derived of 5% of the capex of mostly plaza. they were using
    his company's services for planning etc. and I am sure he had a nice marging
    beyond his cost for that. that has stopped as the capex almost stopped (due to
    lack of financing in eastern europe foe new commercial real estate). his wage
    is not sufficient for the kind of life he has become used to (personal opinion).
    It is a shame that money has gotten into his head.
    Stock holders has been severely punished for allowing Zisser to take too many
    chances with their money. the damage (at this point) is overdone and I believe
    the company will reach $1-$2 within 2-3 years. that is my personal opinion.
    If you were a bond holder (with a low enough of a cost basis...) you should be
    just fine as you got the shares for close to nothing. At this point you are talking
    about the same assets as before carrying 25% of the former liabilities with a
    much better indian real estate market, decent west european market for hotels
    and a potential floating of gamida cell or insightec (probably will try gamida cell).
    The company will need to invest over 14 Million Euro in Plaza, to secure its rights
    and (if they do monetize their Romanian hotels) they could pay off Bank
    Hapoalim debt with that money plus have enough for the rights offering and
    maybe enough for the renovations needed in Belgium. all of that without touching
    their cash at hand. I think they would have to also prepay a small portion of
    their new bonds with that money (if assume) 80M Euro - 40M Euro (Bank
    Hapoalim - release some of the 16M shares that are reserved for the bank
    pending paying off within 3 - 6 month since the deal - almost 1 month passed)
    - 14M Euro (plaza rights offering) - 7M Euro (updating Antwerp hotel for future
    sale), leaves 17M Euro (80M NIS).

  • Reply to

    Exactly how much debt does EMITF hold now?

    by anos1o Mar 5, 2014 2:29 PM
    ofir_menkes ofir_menkes Mar 9, 2014 4:46 PM Flag

    Zisser is many things, but stupid is not one of them. he can be a great tool as long as a body of
    large shareholders is supervising. his initiatives will bear fruits. its a shame that their time
    horizon were much longer than the bonds maturity.
    That is my feeling and opinion.

  • Reply to

    PE ratio .03?

    by douglasfrederick Mar 7, 2014 2:36 PM
    ofir_menkes ofir_menkes Mar 7, 2014 4:59 PM Flag

    They had a non recourse obligation that was transferred back to the lender when they gave blue
    mountain to EIG. that was not a cash profit.
    They have some cash (about $1M net) and four potential geothermal sites under lease. the one called
    Crump Geyser is a joint venture with Ormat, where ormat will have to notify ngp if they want to continue
    and own 50% for a cash payment or do they want to give it back (after investing over the years close to
    $10M in the development).
    The California location is the most promising one. those locations have value, but only if you can either
    develop them or get someone with the capital and desire to do so. as natural gas goes up (over time)
    the value of these locations will go up, but only if the company has partners or a buyer with the
    required capital.
    Anyway, for better or worse, this is where we are.

  • Reply to

    Exactly how much debt does EMITF hold now?

    by anos1o Mar 5, 2014 2:29 PM
    ofir_menkes ofir_menkes Mar 7, 2014 3:05 PM Flag

    They have about $260M of debt right now.

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