RE:Market Cap vs SPOgopogo, you have to understand the realities of life. When ALA did the deal with WGL and was seeking the financing, “the Bankers” were the one who pushed ALA into the corner and said to them “you bit off more than you can chew” Market financing dried up. Could not back you on this one. Cornhill was forced, in my opinion, to look at alternatives to self fund the deal by spinning off the companies assets in a separate new IPO forming a new company ACI.
the real people you need to direct your fury towards is “ The Bankers listed below: Do you have any idea what these bankers made in fees to issue to IPO? The true villains of all of this ALA mess are in this press release.CIBC bank being the main offender IMO. The Bankers forced Cornhill into this position. Who knows, I think it was a brilliant deal as an alternative to not letting the Bankers into having control of ALA. Maybe ALA will regain control in time of ACI. Then we can return to a 0.18 per month Dividend with 10% increases through 2021- 2022.
The underwriting syndicate was jointly led by RBC Capital Markets, TD Securities Inc. and J.P. Morgan Securities Canada Inc. (the "Joint Bookrunners") and included CIBC World Markets Inc., National Bank Financial Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., Beacon Securities Limited, Desjardins Securities Inc. and Industrial Alliance Securities Inc. (together with the Joint Bookrunners, the "Underwriters".)
ACI has also granted the Underwriters an over-allotment option (the "Over-Allotment Option"), exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 2,475,000 Common Shares at the Offering Price, which if exercised in full, will increase the total gross proceeds of the Offering to approximately $275 million.
Following the Offering AltaGas Ltd. ("AltaGas") holds an approximate 45 percent interest in ACI. AltaGas' interest would be reduced to approximately 36.8 percent if the Over-Allotment Option is exercised in full.
Read more at https://stockhouse.com/news/press-releases/2018/10/25/altagas-canada-inc-announces-completion-of-initial-public-offering#xPlzoKOI7P3rCeKx.99 Ogopogo007 wrote: Sadie222....I get your sutble humor...ask for MC and you post SP...in fact I giggled almost all night over it. Or maybe the Raptors winning . Close to the same thing.
MC at IPO was $399,112,500
MC today is $636,102,750
Why was $237,000,000 left for the market to discover instead of returned to shareholders of ALA at IPO ?
Yeah...I know the ALA Chief Apologist will drag their knuckles off the floor and onto a keyboard and blather on about how they IPO'd on the new moon phase and gravitational pull was significantly reduced so those that write IPO cheques couldn't press down hard enough to write bigger numbers.Or some similar, silly excuse.
Bonus's for all...job well done