Continued (ran out of room on that last msg):
The actual pricing of the ADSs will be determined by the exchange rate shortly after the close of the Rights Offer in Australia, which is now being extended to May 31st.
NOW, depending on YOUR broker, they're going 2b giving you various figures - previously, I posted that Ameritrade told me there was a $38 special charge.
I believe the reason YOUR broker is saying 57 cents is NOT that that is the price - what they're doing is giving themselves room for a possible change in the exchange rate - in this case, the rate is going in our favor at present. My guess is that they would refund any amount over what the final cost is (unless they've got a special charge like Ameritrade)
Finally, way back, I asked this board if anyone had run the Black-Scholes figure on the warrants which a buyer would receive in this offer. In a recent release, SSN gave the BS (lol) figure at 9.6 cents per ADS. That is a THEORETICAL figure, but it still lowers the cost of the "bundle" if you think of it that way.
Now, IF (big IF), you believe that the ADS will be higher than 79 cents in the next 4 years, then this is a honking good deal - free warrants to buy more shares at a fixed price.
It's not unusual to see this type of offering extended. That usually means they're looking for more holders to exercise. It will be interesting to see how many subscribe.
rogere, if you look at the recent announcement of the increase in reserves, you'll see that SSN has extended the U.S. offering to May 24:
Following the Company’s recent $3.3 million direct registered offering of ADS and warrants to US institutional investors, Samson’s Board of Directors determined to make the same offer as a registered Rights Offer in order to be fair to all Samson shareholders. The Rights Offer is being made to holders of ordinary shares traded on the ASX and to holders of American Depositary Shares (ADSs) traded on the NYSE MKT In light of persistent delays in delivery of the printed prospectuses to U.S. holders, however, and to permit shareholders to consider a series of recent positive developments announced by the Company, including the 61% increase in Proved Reserve detailed below, Samson has decided to extend the Rights Offer until Friday, May 24th in the US and until Friday May 31st in Australia, 2013 and to issue this release explaining some of the reasons for that extension.
More interesting is that since the offering was announced, the US exchange rate has increased against the AU$, so that makes the PROJECTED (won't be figured til the end) price for the ADS about 50 cents US:
Because of Samson’s share structure, the Rights Offer is required to be priced in Australian currency and as underlying ordinary shares (each ADS traded on the NYSE MKT represents 20 underlying shares). Accordingly, the price set for the Rights Offer was 2.5 cents Australian per underlying ordinary share. At the time the US prospectus was filed, the exchange rate was $1.0457 per Australian dollar, which translated to an Offer Price of $0.52 per ADS. Since that time, the Australian dollar has weakened, to $0.9989 per Australian dollar as at the date of this release, which translates to an Offer price of $0.50 per ADS. The actual pricing of the ADSs will be determined by the exchange rate shortly after the close of the Rights Offer in Australia, which is now being
from pg S-14
Our net tangible book value as of March 31, 2013, was approximately $10.2 million, or $0.94 per share of common stock. Net tangible book value per share is calculated by subtracting our total liabilities from our total tangible assets, which is total assets less intangible assets, and dividing this amount by the number of shares of common stock outstanding. After giving effect to the sale by us of the 6,666,667 shares of common stock offered in this offering, at an offering price of $3.00 per share and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, our net tangible book value as of March 31, 2013, would have been approximately $28.8 million, or $1.64 per share of common stock. This represents an immediate increase in net tangible book value of $0.70 per share to our existing stockholders and an immediate and substantial dilution of $1.36 per share to new investors.
Latest reports have NOT been added to the inst. holdings sites. My guess is that holdings will be 69-70% when fully updated.
S2B KENT STATE
9,978,300 shares vs 8,187,744 in the previous quarter.
Since AVNR placed 6.8M shares with inst. holders in Q1, you'd expect to see these sorts of adds by the biggest holders... Should be interesting to see what the inst. holders site shows when it's updated. I think we may see nearly 100M AVNR shares in inst. hands.
tevanj, I put up a link to some previous posts. Case # is 11-704-LPS
tevanj, the patent suit was filed back in Aug 2011 in Del. dst court. If you follow this thread back, you should see some of the initial dockets. I can give you the case # if you have PACER, but you can also just query Actavis or Avanir to get it.
During the first quarter of 2013, issued 650,000 common shares to an institutional investor in consideration for aggregate proceeds of approximately $3.4 million.
By my figures, that equates to about $5.23, so the institution is a bit underwater on that deal. That said, I'm also a bit underwater on my buys here.
ps, boobird is a nick I use for happy occasions.
From yesterday's 10Q (pg 27):
On August 10, 2012, our Board of Directors authorized the repurchase of up to $100 million of our outstanding common stock through August 1, 2013. The previous authorization was for up to $25 million and covered the period through December 31, 2012. During the three months ended March 31, 2013, we repurchased 235,000 shares of our common stock for an aggregate purchase price of $1.7 million. We have purchased an aggregate to date of $13.6 million or 1,338,055 shares. All shares of treasury stock were retired at March 31, 2013.
By my calc, SPPI paid around $7.23/share for those 235,000 shares.
They placed some shares with inst. investors - I believe Christine said $19M - this is under their agreement with Cowen.
Lorcaserin is a new chemical entity and is not currently available or marketed in any country.
According to publicly available information reviewed by DEA, lorcaserin is anticipated to enjoy
patent protection for at least a decade before generic equivalents may be manufactured and
I'm a relative newbie - is this correct?
Earnings for Q1 last year were announced May 8. Previous year was May 10. I believe AMRN is an accelerated filer, which means they have to file 10Q by the 10th.