RE:RE:RE:RE:Dundee selling shares and warrants of DPMGreat to see them crystallize some value here. I see it has now been upsized to a $152M sale.
That said, I doubt this is simply a buyback situation. I don't think they intended to exit DPM to this extent at these prices prior to the world falling apart. My guess is that they need capital to support their businesses, and they may also see these volatile markets as good staging to build their merchant banking biz.
Don't get me wrong, I'm sure buybacks of some sort are in the plans. But I imagine they'll take the form of a SIB/auction on the prefs (allowing Ravensource a palatable exit) as opposed to wholesale redemptions at par or large purchases of the commons.
Everything aside from DPM is a mess. Parq, Android, and Redecam will all require capital to stay alive. UHIC will suffer a large writedown and is frankly quite likely a zero unless crude makes a quick recovery nobody is predicting. I see no way around Q1 numbers being awful. Who knows, maybe they want some firepower for buybacks after the bad news hits.
The prefs should do very well tomorrow in any case!