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Cohen & Steers Tax-Adv Pref Secs and Inc Fund V.PTA


Primary Symbol: PTA

The Funds primary investment objective is high current income. The Funds secondary investment objective is capital appreciation The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets (i.e., net assets plus assets obtained through leverage) in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies, which may be either exchange-traded or available over-the-counter. In pursuing its investment objectives, the Fund seeks to achieve favorable after-tax returns for its shareholders by seeking to minimize the U.S. federal income tax consequences on income generated by the Fund. There can be no assurance that the Fund will achieve its investment objectives.


NYSE:PTA - Post by User

Post by BlueBullzeron Mar 24, 2014 3:42am
206 Views
Post# 22358495

PXT Buyout parameters

PXT Buyout parametersAfter looking at some of the numbers it seems like PXT would be better off buying us before the B warrants expire. According to the PTA presentation all exercised warrants would equate to $203 million dollars in cash. When you add that to PTA's current cash holdings and you subtract all that cash from a buyout price of 50 cents per share for a fully diluted 958 million shares then also take away the 35 million in debt then (technically and I say that because it doesn't include severance or premiums for the higher warrants and technically the warrants aren't exactly all exercised, they're just theoretically exercised and the company is paying themselves during the transaction) PXT basically only pays $214 million (only 30 million over the current cruddy market cap) instead of $479 million flat out less the current cash. Again there are factors this doesn't include, but you also have to consider that those 2 numbers are not a very big deal to PXT with their current share price + their cash on hand + a strong credit line. With 60 million in cash and a strong line of credit they could drastically reduce the impact that PTA would have on their share structure. Fully diluted that $479 million would cost them about 51 million shares which is hefty and would dilute the current PXT shareholders down to 2/3 of the total float. But when you consider the concept of $300 million in cash + PTA's 1st quarter earnings, and again PXT using credit and cash to reduce the hit to their share structure + they get PTA's future cashflow and potential development growth like Casona, Rumi, Curiara, and more. I'm starting to get really curious. Please keep in mind again that these are very very rough numbers used just to look at hypotheticals.
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