The insiders own a lot of stock.
And sometimes the short term pain of a secondary is worth if if more shares end up in strong hands.
$3.25-3.35 would have been easier to swallow though.
Thats exactly what I was thinking. The underwriters were negotiating with them and it leaked so they ran the price up so they could short it knowing they could cover.
$3.00 is too low though. But, initially the market didnt like the Speed merger either. So Im giving them the benfit of the doubt.
I wonder, is it possible for one of us to buy in a secondary without an account at the underwriter ?
I might replace the shares I sold at $3.49 if I could get $3 shares.
Biglaris stake was worth less back then, and it would be worth it to get rid of the thorn in their side.
I knew they would reject it but thought they would offer up $5 or $10 instead. And it was nice of them to put it on the proxy rather than doing as they have in the past, just rack up more legal expenses.
If you had 10-11 rights, you would only get 1 oversubscription and maybe the same for 12-13.
But, if you had a much larger position, it should be in the 12-12.5% range.
Fidelity is showing my cost basis on my 8 regular rights shares is $258.375 rather than $265. And Im not clear on how much I was charged exactly. I paid either $265 or $258.375 and Im not clear on which.
So if Fidelity could screw my cost basis up and/or undercharge me, Its possible you didn't get as many rights shares as you were entitled to.
Would have expected an 8k by now giving the pro-rata details. And the exact cut off.
I know I didn't get an oversubscriion for 4 rights but did for 8. Would I have for 5.6 or 7 ?
Let me know what you find out.
I would expect the price to inch back up toward $19 by then. Hopefully even higher.
Rocky Brands, Inc. Announces Second Quarter 2013 ResultsBusiness Wire(Tue, Jul 23)
$3.50 will probably be the best case, possibly $3.25. Unless they have great news tommorow.
But, secondaries arent the end of the world and sometimes the stock gets some sponsership from those who buy in them.
So I guess my 12.5% for one account and 0 for 4 in the other is fair.
I expected BD to have sold more. I guess that volume could have been all outsiders.
And if BD didnt sell more on the run above $15. isnt that positive given that they could have ?
$15.16 as i type with a new 6 and a half year high of $15.43 today.
TUES hasnt been this high since March of 2007.
15 year chart suggests the shares could go back to $30-35 over time.
While STC is still dirt cheap on an earnings basis, I paid about $9.11 for my shares back in June of 2010.
And now STC is trading above book value.
I can easily see STC going another 10-15 points higher but I felt it prudent to cash in at least some of my profit.
And a pair of insiders have sold shares after being buyers a couple years prior at just over $10.
May 30 05:33pm May 30 2013 STC Stewart Information Services Corp Morris Stewart Jr Director 10,000 Sale at $29.03 $290,271
Apr 30 04:15pm MApr 26 2013 STC Stewart Information Services Corp Morris Malcolm S Director 25,000 Sale at $27.41 $685,281
DDec 19 2012 MDec 17 2012 STC Stewart Information Services Corp Morris Stewart Jr Director 21,580 Sale at $26.70 $576,159
Sep 12 2012 Sep 10 2012 STC Stewart Information Services Corp Morris Stewart Jr Director 4,000 Sale at $20.18 $80,720
May 5 2011 MMay 3 2011 STC Stewart Information Services Corp Morris Malcolm S Chairman, Co-CEO 7,000 Purchase at $10.06 $70,426
May 5 2011 May 3 2011 STC Stewart Information Services Corp Morris Stewart Jr President, Co-CEO 7,000 Purchase at $10.12 $70,840
Mine is still not totally correct.
They are incorrectly showing a cost of $2067 for the 8 shares rather than $2120 and my tax basis on that block is showing as $258.38 per share.
The wording must have confused them because 39 shares= round up which =8 rights.
$2067=.975 of $2120.
So they appear to have undercharged me $53.
Im presuming they will find & correct their error.
They called back. All is well. Just an accounting issue.
I was fully subscribed in both accounts. Got 1 oversubscription share in my regular account in addition to the 8 and no oversubscription shares in my IRA.
So in all I got 9+4=13. Had 59 before (39+20)
Whew. Was concerned I was going to have to fight over it.
And the money returned. I called and they cant get thru to reorg.
Im hoping this is just a prelude to them correcting it but I fear the worst.
If they mucked this up, its going to cost me at least $1800 and possibly $2300-2400 depending on oversubscriptions.
In one account, they took out $2120 and $2067 and then later took the extra $53.
This time, they refunded the $2120 & $2067 but not the $53.