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

Cohen & Steers Tax-Adv Pref Secs and Inc Fund > For those who are selling PTA today please note that:

<< Previous

Bullboard Posts

Next >>

Post by cocomgon Jun 20, 2014 11:41am

298 Views

Post# 22679804

For those who are selling PTA today please note that:

Both PTA and Vetra are bidding $44 per boe of 2P. The maths as follow: (0,8 X 152M shares + $10M net debt) / 3M 2P = $44 per boe. This valuation floor takes PTA (ex srn) deal at 0,50 per share The maths as follow: (0,5 X 595M +$35M debt - $114M cash) / 5M 2P = $44 per boe. After the deal is closed this valuation floor takes PTA to 0,46 The maths as follow: $27M / 0,8 = 34M shares So 152M - 34M = 118M to be converted Then 118M X 2,21 = 261M new shares So share count should be 595M + 261M =856M Then $114 -$27M - $10M net debt SRN = $77M cash after the deal is done debt stands at $35M SO (0,46 X 856M shares + $35M debt - $77M cash) / 8M 2p = $44 per boe The deal will take place and selling now implies lossing at least 33% upside from today price. Hope I made it clear. This puppy is too cheap

<< Previous

Bullboard Posts

Next >>

Desert Gold Ventures - A jewel for the investor?