Hi Madharry -
Re: Ultrapetrol (Bahamas) Ltd. (ULTR)
xml.10kwizard.com
Zazove Associates, LLC filed a 13G report stating that they now hold (or control) 7.23% of the outstanding shares. They did this through the purchase of the recent convertible offering (2,330,459 shares issuable upon the conversion of Ultrapetrol Bahamas Limited 7.25% Convertible Bond due 01-15-2017 plus 29,901,463 common shares previously held).
About Zazove Associates:
Zazove Associates, LLC, an Incline Village based investment advisor specializing in the management of convertible securities.
The firm has nearly $3 billion in assets under management and is consistently recognized as one of Nelson Publication's "World's Best Money Managers." Zazove Associates offers a broad array of convertible strategies (convertible arbitrage, high-yield, investment-grade, and international convertibles) to a diverse group of clients including insurance companies, pension plans, foundations, public funds, investment partnerships, and select individuals.
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What's interesting is that the majority of their shares are common shares (92%) vs 8% from the convertible bond when converted. I would of thought that they would have held more of the convertible bond to generate income for their fund.
They must like the risk/reward that the common shares provide.
When I checked w/ Schwab about acquiring some of this bond issue, they could not sell it to me as it was a foreign offering that was not compliant with U.S. SEC filings. They said that this was typical for foreign issues of this size.
EKS |
