Asia Global Crossing/GlobalCenters--two comments:
1. On the IPOs discussed with respect to the two business units of GBLX, more likely than not, the structure of those deals will be pure IPOs. That is, shares of GlobalCenters and, maybe, Asia Global Crossing will be offered to the public in standard IPOs (two separate IPOs, lest there be any misunderstanding) through a syndicate of underwriters. Again, more likely than not, shareholders of GBLX will not have any preferential rights (except, perhaps, as part of a directed share offering), and certainly not as to price. The stated objective of each offering is to capitalize these businesses--they won't do any favors for GBLX shareholders in that regard, other than "unlocking shareholder value" (is the mantra) by each segment going public.
In a second stage down the road, GBLX may determine to distribute some portion of its holdings in (then) public companies GlobalCenters and Asia Global Crossing (if the IPOs have come to pass) to GBLX shareholders in the form of a dividend or spin-off, depending on tax issues.
2. "I've worked closely with Tanning and see their skills in complex applications and systems integration as a tremendous value-add to our customers which require enhanced services for the scalability of their Internet businesses," Hindery recently joined Tanning's Board of Directors.
I guess Hindery is already throwing his weight around. GBLX just invested, what, $436.25 million in TANN. He definitely wants to run his own show. IPO of Global Centers is a given.
Has any one on the thread heard of TANN before? Ever worked with them. Frank?
Steve |
