No. It's the sum of VXDN and VXUP that should equal $3.46 combined. Think of VXDN and VXUP as two buckets of water. As the cash VIX moves, water just gets moved from one bucket to another and thus the total amount of water (or combined stock prices) can never exceed the original amount.
It did not really drop today. If you add the dividend back to today's close you have something around $30 which is 30% higher than Friday's close. Just be careful with VXUP and VXDN right now since there is an arbitrage where institutions can create new shares of both and immediately sell both to create an instant profit. The sum of VXUP and VXDN should not exceed $3.46 and right now it is like $4. Also keep in mind that even if the cash VIX goes to 100 tomorrow, the value of VXUP can't exceed 90% above it's $1.73 NAV (post dividend) from 8/21.
It's in the yahoo headline from Friday evening. Look at the far right column in the second table (special distribution). You can also do a search on accushares website in order to understand this product better.
the dividend payment is 28.17. It traded without the dividend on Monday and the payment will be made on Friday.
Most companies would have gotten this done a year ahead of time just to avoid having to report the debt as short term on the balance sheet. Maybe OTEL mgmt figures the refinancing can be easily done and wants to fully amortize the origination fees on the current loan.
A bit worse than I expected in terms of operating cash flow, only $3.4M. With a 0.17 dividend and 23M shares, that's $3.9M going out the door, so did not even cover the dividend. Company started buying back stock which is probably a better use of cash than a dividend at this point. Little commentary on how the existing 8 PSVs are being utilized except to mention one was returned prematurely.
My guess is that the div can be covered this quarter and next from operating cash flow. The problem maybe what happens to the div once winter in the North Sea sets in.
Including the secondary offering, FGP is issuing 18M shares and $400M in debt. That should raise the total number of shares outstanding to 100M and debt to $2B. Projected EBITDA would rise by 30% to over $400M and be less dependent on the weather, Very transformative deal, let's hope management knows what it's doing.