Life & Banc Split Corp T.LBS

Brompton update UNIT NAV to NOV 2 @ $15.88

[mouserman]

Big move up yesterday, but obviously the preferred offering did NOT increase the UNIT NAV for reasons explained by Navgod.  After the recent offering the LBS cash position is likely much higher , so last update had the % of cash at 0. They have to pay distributions so the CASH position will have increased a lot, mostly due to the offering.
It was timely tho as the banks /lifecos had a big move up after OCT 31 when the offering closed. Some of that buying for sure came from LBS investing some of that 94 million into the holdings.

[navgod]

There should have been little or no buying by the fund from the pref issue as those funds will be used to payout the pref holders that exercised their retraction right and will receive the payment by the 10 business day of Nov.. I expect  the cash will just sit around for two weeks rather than be used for a short term trade. The negative impact on NAV of around 12 centsI am predicting will

[NoShoesNoShirt]

Thanks navgod, mouserman, experienced, aneducator and all the others for sharing the wisdom.  My spellchecker tried changing  aneducator to anecdotal, hilarious.   :)

[mouserman]

Yes i am going to wait on the UNIT NAV estimate until this weeks numbers are updated . I do think they will take into account the payment to those redeeming their shares  by that time. IF your estimate is right the UNIT NAV today woud be about $15.91 to NOV 6 close.