Quick takes from around the market
Upson International [OCTGN pre-SEC] [link] hasn’t received SEC approval yet, so I’ve removed it from my Market Calendar. OCTGN listed a series of dates for its pricing, offer period, and listing in its preliminary prospectus, but those dates are not set until the PSE approves the IPO. This is only an administrative move for MB, this isn’t intended to have any implied meaning with respect to OCTGN’s application or OCTGN’s willingness to go through with the IPO!
Allday Marts [ALLDY 0.30] [link] owner, Manny Villar, has said that he will not be selling shares when his massive ALLDY stake comes out of mandatory lockup this morning. Majority owners aren’t likely to dump a huge number of shares at the expiration of lockup, as their interest in control usually trumps their interest in marginally more money from a share sale. The same can’t be said for minority holders, though, like Converge’s [CNVRG 18.50 1.07%] Coherent Cloud (its American investor), which went on an absolute dumping spree once its shares exited lockup.
MB REIT Tracker updated to include a “Buying Power” column. This is to track the total buying power of each REIT, which I define as the combination of the total equity buying power plus total debt buying power. Equity buying power is the value of the maximum number of shares that a REIT could issue to its sponsor before its current public ownership falls below the minimum level, multiplied by the new stock price if that number of shares were to be issued. Debt buying power is the value of the amount of the SEC debt limit (35% of deposited property, or up to 70% if the REIT is PRS Aaa rated) that a REIT has remaining. Put simply, this is the maximum value of property that a REIT could theoretically acquire, drawing on all its options, without needing to sell additional shares to the public to maintain compliance with the PSE’s minimum public float requirement.
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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
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