Loaded upI've been waiting for this offering for a chance to get back in. With a book value per share around $8.75, they needed to offer the shares high enough to net more than $8.75 after all the fees (usually around 5%). Net proceeds below book value is not a legal or regulatory requirement with their current structure, but it would be a sure way to annoy investors. That's why I wasn't holding at $9.50+. They've been issuing convertible debentures because a share offering hasn't been feasible until recently. Hopefully this capital tides them over for a while and they avoid too many offerings.
I loaded up 9.28avg and will be looking for 9.50-9.60 (plus distributions) again in a few months. Great compnay, great management.