from Yahoo regarding TEXP this post is from last week:
RE: Titan secondary
by: jimbobiii (M/San Antonio, Tx) 216 of 236
Per today's Barrons 10,015,330 shares of Titan will be sold in a secondary offering next week. Don't get excited about the price of $4.625 stated in the announcement, as that is more than likely the price of the stock the day the notice for sale was filed with the SEC.
I thought NGP had 11mm+ shares they want to sell! Will be interesting to see the size and price next week. My guess(and without any doubt A GUESS) 11mm+ shares sold at a premium to the market. maybe as much as $7, maybe as low as $6. Trying to prognosticate is stupid! At issue is "does a $6 sale raise all boats?" Maybe not. Would a sale below $5 lower all boats? Probably. I have high conviction that the shares will not sell below market, as TEXP is cheap based on reserves, forward cash flows relative to current energy prices, and NGP does not HAVE to sell.
The $6-7 range is below the $8-9 range brokers thought Titan was worth a few months ago. We should be so lucky to see those higher prices, as that event should move our stock. At $6-7, or less, the buyer should think he gets a "deal". If the stock stays below the secondary offering price, buyers won't be happy with the underwriters, so the JP Morgans, etc. will have a vested interest to make the transaction profitable for their purchasers. I've been loading the gun and waiting for this!
Posted: 06/26/1999 05:33 pm EDT as a reply to: Msg 215 by jimbobiii
Back to lurking. Money Penny |
