GB Group Ord Shs GBGPF

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GB Group Ord Shs > Mar 9 - Notice of Change now on Sedar

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Comment by Sbeavenxon Mar 12, 2018 9:03pm

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Post# 27704083

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Mar 9 - Notice of Change now on Sedar

MJ, Sorry about that. :)

When I talked to Laurel Hill on Friday they told me there was going to be $43 per share cash, and I felt that the calculation made sense of that. I covered my ACB short position based on it and went long ACB thinking I would be getting cash. Reversed that all today, and luckily share price was up.

When I called Laurel Hill again this morning and ask them what evidence they had that we would be getting the $43 a share, they admitted they were just assuming this based on the numbers they saw in the news release. They were not told by Aurora or anyone else, and they had no concrete numbers themselves. She told me that Aurora's accounting department was in charge of this, and had not informed them of anything yet. They were just guessing!!! Really really bad business!!!

longonMJ wrote: Sb: What the heck.....now you tell me after presenting such a good argument for your case. Grrrrr!!!

So good in fact, that I spent the entire weekend spending the whole $43 cash for every single one of my CMED shares that you had told me that I would be good for. Now, what am I going to do with all this stuff and not enough money to pay for them all. LOL

Sbeavenx wrote: MJ, looks like you were correct. I didn't adjust for the 700k Aurora owned CMED shares that have no cash allocation. By subtracting the 700k shares from the shares tendered, and then multiplying by $5.70, it comes to $98 million (rounded), the same as the press release:

(17,847,341 - 700,600) * $5.70 = $97,736,423.

This means that cash seletions likely far exceeded available cash, so proration of the cash will take place.

Not sure why Laurel Hill told me otherwise???

longonMJ wrote:

Sbeavenx wrote: They're not to bright if they they calculate financials like that.

Let me give you a more diffinitive calcualtion that you can't dispute. We all know that there is $5.70 available for each CMED share outstanding. So the simple calculation demonstartes the available $ for this take-up (exact calc so there is no question):

17,847,341 * $5.70 = $101,729,843.70

So, since $102 million should be available to the first round, and only $98 million is to be paid, then the selection of the cash option did not exceed the maximum, and therefore no proration.

This is only based on the published numbers, but Aurora press releases have struggled to report accurate numbers in the past. Given what they are reporting, we should get full cash if selected.

Oh, I am in total agreement with you that it's definitely mathematically possible for each share to receive $5.70 if that is what you meant by full cash per share.

From your previous posts, I thought you was referring to the entire $43 per share as being "full cash". From my point of view, I see your now started $5.70 full cash paid out portion to be what I would call a proration of my full cash paid out portion of $43 per share.

I guess it's really nothing more than different definitions by the two of us as to what the term "full cash per share" really means. For you, it's $5.70 per share while for me, it's $43 per share.