GREY:PGDIF - Post by User
Post by
ekimon Dec 21, 2014 1:32pm
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Post# 23254033
Third Point LLC
Third Point LLCI've always wondered who Third point LLC was. They show up on the insider report with 4,828,401 shares.
I never include them in my insider calculations as I don't know why they show up in the first place.
That being said, I did a bit of research and it is an investment firm run by a Billionaire named Daniel Loeb and it looks like the investment in PGD was made back in 2006/2007 and never has changed since then (increase or decrease). Doesn't look like they participated in any of the rights offerring either..although, they are clearly not Canadian...so probably not eligible for any of them either.
So, it looks like these are locked up shares...because there is no inclination to sell or buy for them. They are obviously never squeezed (ie. not a Canadian fund) to liquidate in one area to support another area.
Question then I asked myself is, are they actually interested in Diamond investing.
The 'stretched' answer is 'sort of'.
Here is a snippet of recent news:
"Sotheby's and Third Point LLC jointly agreed to expand the board of directors of the auction house following a contentious battle for control in the past nine months. Third Point's founder Daniel S. Loeb and his nominees, Olivier Reza and Harry J. Wilson, have been appointed to Sotheby's board and they will now be included in the company's own slate of director nominees for election at the 2014 annual meeting of shareholders. The annual meeting will be planned later to allow for shareholders to receive updated proxy materials.
Third Point agreed to a customary standstill and voting commitments and terminated its proxy contest against Sotheby's board. Sotheby's will accelerate the termination of its one-year shareholder rights plan, concurrent with the 2014 annual meeting, and Third Point, whose ownership in Sotheby's will be capped at 15%, has withdrawn its litigation with respect to the rights plan."
I say sort of because Sotheby is at the extreme high end for diamond/jewellery selling/auctions..but it does only represent a portion of what Sotheby does.
It would be interesting if Daniel even knows of Peregrine Diamonds if he were asked. Probably knows and possibly have met Robert Friedland.
Daniel would technically be the 3rd billionaire involved with Peregrine Diamonds.
I suspect Peregrine is just a line item in some asset sheet somewhere on Thirdpoint LLC that is insignificant to do anything about.
That is fine with me if it just locks those shares.
Bit of a side discussion..but learned something new anyway.
LONG...PGD
EKIM