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Prospect Capital (PSEC) -7.7% premarket after announcing a secondary offering of 35M shares as...

Prospect Capital (PSEC) -7.7% premarket after announcing a secondary offering of 35M shares as it seeks to repay debt or invest in short-term debt instruments. The price is not disclosed. PSEC recently had ~174.5M shares outstanding.
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Comments (17)
  • Brian Bobbitt
    , contributor
    Comments (1905) | Send Message
     
    SOLD PSEC about a month ago, and made a nice profit on it over a coupla years. Will buy it back, after it settles down, PSEC is fine, just give it a little time to clear the decks.

     

    Capt. Brian
    The Lost Navigator
    2 Nov 2012, 10:11 AM Reply Like
  • johnbbbb
    , contributor
    Comments (25) | Send Message
     
    Right. give it a couple of weeks to settle and it will be another good buying opportunity.
    2 Nov 2012, 10:13 AM Reply Like
  • TopHill4
    , contributor
    Comments (31) | Send Message
     
    Sold 1000 on 10/25/12 with nice profit.
    Couldn't wait .Bought 1000 back in at @ 10.98.
    They still haven't disclosed price of shre offer though.
    2 Nov 2012, 10:40 AM Reply Like
  • ngru
    , contributor
    Comments (5) | Send Message
     
    PSEC is looking like a PONZI scheme.
    2 Nov 2012, 10:48 AM Reply Like
  • nsalat
    , contributor
    Comments (100) | Send Message
     
    The wall street journal indicated the shares would be for paying down PSEC long term debt. According to this http://1.usa.gov/QbdDdX they have some 18% notes. This is good news if they apply the new capital to pay this down.
    2 Nov 2012, 11:42 AM Reply Like
  • Interesting Times
    , contributor
    Comments (11469) | Send Message
     
    Just keep adding as the dividend is tremendous....Where else do you get 11% ?

     

    I have it in my retirement account and have been tickled pink since 2009...
    2 Nov 2012, 01:09 PM Reply Like
  • mrmedusa
    , contributor
    Comments (343) | Send Message
     
    Just bough a few hundred more for my IRA
    2 Nov 2012, 01:11 PM Reply Like
  • Mark Gilliland
    , contributor
    Comments (92) | Send Message
     
    They're selling another 35 million shares! They just sold 21 million shares in July! Looks like they sell stock anytime the price gets up to $11.50-12.00. I sold this out of my income portfolio earlier this year, which only proves that sometimes it's better to be lucky than good!

     

    If they sell these shares at $10, that adds $7 million/yr to their 2% management fee (not counting the stock sold in July). How does one start one of these funds?
    2 Nov 2012, 01:32 PM Reply Like
  • terrylee
    , contributor
    Comments (3) | Send Message
     
    Management is auditioning for Federal government jobs.
    2 Dec 2013, 08:01 PM Reply Like
  • JIMSK
    , contributor
    Comments (137) | Send Message
     
    looking to but psec .
    wish i knew what the offering price was .

     

    jim
    2 Nov 2012, 04:06 PM Reply Like
  • RUReady2RNR
    , contributor
    Comments (23) | Send Message
     
    They had a news release earlier today and it looks like the offering priced out at $11.92 per share. http://bit.ly/Wh6paT
    2 Nov 2012, 07:47 PM Reply Like
  • mostserene1
    , contributor
    Comments (3344) | Send Message
     
    I received a letter from PSEC (today, Saturday) asking me (shareholder) to call them immediately during the workweek regarding an "initiative."

     

    First time in 30 years I received such a letter from any stock I've owned. Anyone else get this letter?

     

    I'll call next Monday and see what's up.

     

    Long PSEC.
    3 Nov 2012, 03:53 PM Reply Like
  • RUReady2RNR
    , contributor
    Comments (23) | Send Message
     
    I received that letter also, from AST Fund Solutions. They have been hired by Prospect to solicit the proxies supporting the proposals to be voted on at the annual meeting in December. Proposal III is "Authorize the Company to Sell Shares of its Common Stock (During the Next 12 Months) at a Price or Prices Below the Company’s Then Current Net Asset Value Per Share in One or More Offerings Subject to Certain Conditions Described Herein (Including, That the Number of Shares Sold on Any Given Date Does Not Exceed 25% of its Outstanding Common Stock Immediately Prior to Such Sale)."

     

    I'm not inclined to support this proposal.
    3 Nov 2012, 06:04 PM Reply Like
  • Tovj
    , contributor
    Comments (53) | Send Message
     
    That sounds like a proposal that every shareholder should vote against.
    4 Nov 2012, 07:56 AM Reply Like
  • mostserene1
    , contributor
    Comments (3344) | Send Message
     
    Thanks. I will now call them tomorrow and vote AGAINST it.
    4 Nov 2012, 08:28 AM Reply Like
  • mostserene1
    , contributor
    Comments (3344) | Send Message
     
    See my above comment. Fully agree.
    4 Nov 2012, 08:28 AM Reply Like
  • Brian Bobbitt
    , contributor
    Comments (1905) | Send Message
     
    Good company.
    Still standing aside til the storm passes, but I'm sure I'll be back
    Capt. Brian
    The Lost Navigator
    4 Dec 2012, 01:00 AM Reply Like
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