SA News • Mon, Nov. 17
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How To Make Money From The Quartet And Pangaea Merger
- QTET commons virtually guarantees a 2.6% upside since common holders (d.o.r: 8/27/14) can convert their shares for a cash premium regardless of whether the merger is approved.
- A theoretical 104% return may be achieved by buying QTETU, although the security is very illiquid and the spread is wide, making this strategy very difficult to execute.
- The biggest risk is the short-term price Holdco/PANL will immediately trade at once the merger is approved; Rosenfeld's previous SPAC deals show that prices held steady in the short-term.
Quartet: Joel Greenblatt Writes A Blank Check For Pangaea Logistics
- Joel Greenblatt is an initial stockholder and special advisor to Quartet, a blank check company that plans to merge with Pangaea Logistics, a maritime logistics provider.
- Pangaea Logistics displays many of the characteristics one would expect from a Joel Greenblatt investment. Sector market leadership, high return on equity, experienced management and attractive growth prospects.
- Quartet’s management highlight that there is a significant valuation gap between the price they are paying for Pangaea Logistics and its publicly traded peers. We estimate about 28% upside potential.
- Key catalysts to unlock value include the successful completion of the merger, growing investor awareness and Pangaea Logistics achieving its net income targets, in particular for 2014E.
- This opportunity should start to realize material upside in the near term, with limited downside risk due to an attractive entry price versus Quartet's current cash balance and the post-merger valuation.
Quartet Merger Rights: 40% Upside For A Short-Term Event Driven Investment
- Quartet Rights offer investors the opportunity to re-create Quartet common at $7.20 per share, or 40% upside if the rights trade up to the common.
- A near-term event is in place to unlock value. On September 29th, shareholders will vote on the Company's merger with Pangaea Logistics.
- Quartet boasts strong sponsorship through Eric Rosenfeld of Crescendo Partners and famed value investor Joel Greenblatt.
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PANL vs. ETF Alternatives
Pangaea Logistics Solutions Ltd a logistics company. The Company through its subsidiaries is engaged in operating bulk carriers providing seaborne dry bulk transportation services. It operates a fleet of approximately 60 owned and time-chartered vessels.
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