Thread: Premier investors?
What the heck does that mean? I suppose it is a good
idea to flatter your new investors, but I was a bit
insulted, and I'll bet folks who bought this when
biotech in general looked so sickly last year (and
especially Tgen) --insulted partly because some of
these so-called premium type investors were not
stepping up to the plate when they were really needed.
Mutual fund managers for instance were selling small and
microcap biotech all last year--oh, but now these fellas
get a discount on shares? Well, it has been pointed out
to me that the deal was probably put together when the
shareprice was down in the teens, so I am probably over-
reacting. Still, 30M seems small compared to the current
marketcap of Tgen.
Here is the PR if anybody missed it:
Targeted Genetics Announces $30.3 Million Private Placement
biz.yahoo.com
So that works out to be about $14 bucks a share for
Franklin Templeton Group, INVESCO Funds, Lone Pine
Capital LLC, International Biotechnology Trust, and
Deerfield Management Company.
Does anybody feel that Tgen could have raised more with
a secondary public offering of stock? A little snappy PR
and I'll be they could have got for themselves 100M.
And what about a "rights offering"? (I heard that phrase
somewhere once before--I assume you sell shares at a small
discount to current shareholders).
Well, seems like they should have gone for a lot more cash,
this is a little weak in my humble opinion. I WILL NOT
hang on to my remaining shares. I had thought this morning
that this event alone is not enough to get me out, but then
a wave of creepy Street.com trading behaviour came over me.
I will repurchase my shares if I can get them closer to
$14 in the weeks or months ahead. Always dips...well
almost always, heheh. Threadsters--remember this comes
from the goofball who sold 30k shares of Ariad at the low,
and the rest below $5.
Mike.twocents.Jedi.biotech
(no, I have not yet had my sleep after changing nappies
and burping all night--I even forget about the Gliatech
call, whoops. I should rest, and rethink.) |
