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Maarten Pieters

 
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  • Going Private Arbitrage Offers Over 70% Annualized Return With Medium Risk [View article]
    Well writser... only 1000 pageviews. Probably a small conversion rate of readers participating in the arbitrage opportunity. I checked the trades in HKFI the last couple of weeks. The announcements by the company had a far greater effect (resulted in trades of 900-999 shares) than my SA article. I am pretty sure that my article didn't cause the withdrawal.
    Aug 5 04:41 PM | Likes Like |Link to Comment
  • Delaware's Dividend And Income Fund: Tender Offer Offers Over 70% Annualized Return With Limited Downside [View article]
    Thanks for your comment.

    Just for your interest. There will be no service fee. In the previous tender offers the shares were tendered at NAV. Now the shares are tendered at 98% of NAV. The 2% is used to cover the costs of the tender offer.
    http://bit.ly/1otwtt8
    Jun 3 02:46 PM | Likes Like |Link to Comment
  • Delaware's Dividend And Income Fund: Tender Offer Offers Over 70% Annualized Return With Limited Downside [View article]
    Thanks for your comment.

    According to "Rule 13e-4 -- Tender Offers by Issuers" the payment should be made promptly after the expiration. I based the 31 days on a prompt payment on the 27th of June.

    However, the final tender document says: "within approximately ten business days". So the 31 days is probably to optimistic.
    Jun 3 02:40 PM | Likes Like |Link to Comment
  • Delaware's Dividend And Income Fund: Tender Offer Offers Over 70% Annualized Return With Limited Downside [View article]
    Hi lakochin,

    Thanks for your comment.

    If the discount falls this would indeed effect the oversubscription scenario’s.

    The discount on the day of the announcement was 8.4% and yesterday the discount was 8.8%. The fall in discount has not yet occurred. At current prices I don’t see this as a big risk. If the discount falls because of the tender offer one should certainly take this general trend into account.

    Maarten


    May 29 06:16 PM | Likes Like |Link to Comment
  • Orbit International Is Attractive And At A Key Inflection Point [View article]
    Elkhorn Partners bought > 40k shares on the dip yesterday at an average price of +/- 3.10 dollars a share. I am sure more share purchases will follow next week.

    The current sell-off is irrational in my opinion. Earnings release was full of paper losses.

    The company is assessing acquisition opportunities at this moment to maximize operating leverage. I think, seen the size of ORBT, management should look for opportunities to sell the company.
    Mar 7 01:00 PM | Likes Like |Link to Comment
  • A +EV Lottery? [View instapost]
    Hi Chris,

    Nice read.

    I don’t understand the following:

    The key is to bet underused and unlucky numbers so as to reduce the chance of splitting a pot. Overused numbers include 1, 7, 13, 23, 32, 42, and 48. Underused numbers include 26, 34, 44, 45, and 46. Avoid number combinations that can form dates (pick two digits above 12, then two above 31, then two outside of common year ranges of 1900-2013). Despite this number system showing some merit, it still appears to be -EV in the US.

    The outcome of the jackpot combination is independent from the numbers you choose. So choosing underused numbers does not impact the chance of a split pot.

    Only if the outcome of the jackpot is a combination of underused numbers, there is a greater chance that there is no split pot.

    Right?
    Dec 18 09:03 AM | 1 Like Like |Link to Comment
  • Hollywood Media's Quiet Settlement Could Lead To Big Gains [View article]
    Thank you! Very interesting idea.

    Do you know what caused the 20% drop in share prices november 6 & 7?
    Nov 14 04:31 PM | Likes Like |Link to Comment
  • Reitmans Is Very Cheap [View article]
    Saj,

    Thanks for the article.

    A few notes.
    1. Net Cash position
    2. Recent problems

    Net Cash position

    For the latest quarter I see 147M of cash and 149M of liabilities.

    Recent problems

    As you mention the earnings were depressed because of problems with the warehouse system. It looks like the problems were solved and the earnings did not improved.

    “The disruption resulted in estimated loss of sales and a corresponding decline in gross margin, earnings before income taxes and adjusted EBITDA between $7,000,000 and $15,000,000 in the third quarter of fiscal 2013. There was no significant impact in the fourth quarter of fiscal 2013. The Company has addressed the issues related to the warehouse management system and continues to improve the flow of goods to the stores and optimize system performance.”

    This applied to the 3rd and 4th quarter of fiscal year 2013. Looks like the issues were solved as there was no significant impact in the 4th quarter of fiscal year 2013. The numbers of the 1st and 2nd quarter of fiscal year 2014 (earnings before tax: 10M combined) are significantly below the fiscal year 2013 figures (earnings before tax: 36M combined).

    Cheers, Maarten
    Oct 26 11:17 AM | 1 Like Like |Link to Comment
  • Is It Time To End A Pleasant Day At The Lake? [View article]
    http://bit.ly/1guH5CI

    Lakeland explains why they had to take the subordinated loan against such ridiculous rates.

    Whopper: - Is there a real difference between investors paying too little for a stock and loan providers asking too much for the loan? Or is it just overreacting from both sides?

    Are loan providers better at valuing a company than investors are?

    I am curious what your view is.

    Maarten
    Sep 17 03:56 PM | Likes Like |Link to Comment
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