Of course, I don't have much of this, but it's been on a tear lately. Perhaps just getting what looks like final number on the EPA stuff is driving the share price.
On another topic, Algo, as you noticed, my OFI finally did something. Not what I hoped for, but I still made a little money on it. I have been moving some money into AEHR Test lately. My average cost is a little over $1.00. It's still a real gamble and a pico cap stock. Still, insiders bought about $1,000,000 with their own money in a private restricted offering a couple months ago to try to save the company. Who knows if it will work. I think Hurco may be a good one in the next year or so if Europe recovers. Added a little ACO today with the OFI money, but still have some to put to work if you have a favorite.
You know what's really irritating? Both Hotchkis and Abbett knew about this deal at least a week ago when they filed their 13D filings. The rest of us losers just have to sit in the dark.
The 8K and DEF 14 both have mistakes also. I sent OFI an email pointing out that Hotchkis owns 16.6%, not 6.6% of the shares.
Looks like they are taking a small loss just to get out. This works out to $5.11 per share for their cost.
Source and Amount of Funds or Other Consideration:
The aggregate purchase price of the 1,933,675 shares of Common Stock of the Issuer beneficially owned by the Reporting Person was $9,883,965. The shares were acquired with available funds of the applicable customer funds and investment accounts for which the Reporting Person acts as investment adviser.
Looks like a done deal if I am reading this right. Abbett filed a new 13D today with this information:
On May 14, 2013, the Reporting Person entered into a voting agreement with Bellisio Foods, Inc. (“Parent”), a Minnesota corporation. On May 15, 2013, Parent announced that it has entered into a definitive agreement (the “Merger Agreement”) to acquire Issuer. Completion of the transaction (the “Merger”) is subject to certain conditions, including the adoption of the Merger Agreement by the affirmative vote of the holders of at least a majority of all outstanding shares of common stock of the Issuer.
Pursuant to the voting agreement, the Reporting Person has agreed to vote all shares of the Issuer’s common stock for which it possesses voting power (1) in favor of the Merger and the approval of the Merger Agreement and the transactions contemplated thereby, (2) in favor of any other matter reasonably related to the consummation of the Merger, and (3) against any alternative acquisition proposals from third parties.
I don't want to say what I am buying today, but take a look at AVD and HURC. They are small caps that have shown the ability to grow earnings over the years. AVD is in crop protection, etc. Hurco makes CNC machines. I think Hurco could double in the next year if Europe recovers. AVD also seem very undervalued compared to its growth rate. Good luck.
These guys - Tripp Levy - have shown up on every buyout I have seen. Nothing has happened on the other companies. They showed up on my Craftmade International buyout offer. It was a poor deal also, but it went through at the initial offering price. I would have much preferred $6.00 or more, but.......
This deal should have been done 6 months ago at $5.75 per share. I hope you are right Tom, but I sold my 90,000 shares today and am moving on. The buyers today are arbitrager guys that are willing to make a fairly much guaranteed 20% on an annual basis. If they can get 5% in 2 or 3 months and then move on to the next deal, they are happy. OFI will probably trade 2 million shares today and most of those will approve a deal. It's been a good board and I appreciate the quality of the posts and the posters here. OFI just couldn't get the customers they needed to be profitable.
They just never could figure out how to improve the profit margins. CAG had 6%, KFT had 6.5%, HNZ had 9%. OFI just couldn't get anywhere close. They kept talking about it and showed signs occasionally, but just didn't get there. I never really liked the idea of the CEO living on the other side of the country and at one time the CFO did also. Oh well, time to move on.
I suppose there is a chance someone could up the bid, but it's not likely. I also have a little profit, but not much if you count the length of time I have held some of this stock.
While I was waiting for the paint to dry today, I searched the internet a little for Cordoba Asset, LLC. Not much info. Couldn't find any SEC filings either for Cordoba or the managing partner Vito Garfi. Looks like a very small/family run company. Guess we will see some kind of filing tomorrow even if it's just a non timely 10-Q filing.
It's not a pretty thought, but I suppose they could just release the 10-Q and report another small profit or loss and not say another word. There are no requirements to have a Press Release or Conference Call. Let's hope it doesn't come to that.
Don't know if this affected todays price decline, but someone closed out 561 May 35 Puts. There are still another 500 or so still open. Not sure how much a market maker can do to hold down the price to allow the sale of these puts at a profit, but nothing would surprise me. 561 puts is equal to 56,100 shares.
Time and Sales for AVD May13 35 Put
Date Time Exch. Size Price
5/13/2013 11:37:07 CBOE 124 5.10
5/13/2013 11:37:07 CBOE 75 5.02
5/13/2013 11:37:07 CBOE 15 5.10
5/13/2013 11:37:07 CBOE 347 5.10
I checked the SEC database and found that this was the first 13D ever for Abbett and it was about the 19th 13D ever for Hotchkis. That seems like a fairly significant event to me. They must be putting serious pressure on Mr. Rudis and the board. Guess we will see in a couple days.
Even though shipping seems to be our biggest problem, I don't see OFI buying all of FFEX. Doesn't look like FFEX could buy OFI either. Could be some kind of 3 or 4 way deal I suppose with Bellisio or others. Any chance OFI would take part of the FFEX fleet and run their own shipping department? Seems out of their field of expertise. Next week should be interesting.
I agree. I would sell my shares if they started paying a dividend without fixing the earnings/profit margin problem first. Still, an interesting day at any rate. Just feels like someone taking a flyer on a Monday or Tuesday announcement.
Apologies to ED. I think he means, mums the word on any deal, see no evil, hear no evil, speak no evil. Dave is another long time poster.