Hi Covenant- Yes I see Hek is down as it was downgraded to sell from buy this morning at ladenburg thalman. This is one of the tricky things in Turnaround investing as one is dealing with stocks that are bottoming & a large number of shorts yelling & screaming SELL SELL as they try to cover. As you will note in a previous post to you on 4/26/2012
""Covenant- When ever a company issues stock as HEK did, I immediately sell out my position. Sold out of my position then & will be reinstating it next week at .50 cents lower. Still really like its prospects. Even better after the additional stock issuence. due your own due dilly""
Really still like the stock & will be BUYING a lot more this week-
Heckmann Corporation (NYSE: HEK - News) (“Heckmann”) today announced that it has closed the previously announced underwritten public offering of 18,200,000 shares of its common stock at a price of $4.40 per share. On or before April 26, 2012, the underwriters may purchase up to an additional 2,730,000 shares from Heckmann to cover over-allotments, if any. Credit Suisse Securities (USA) LLC, Jefferies & Company, Inc. and Roth Capital Partners, LLC acted as joint book-running managers for this offering. Heckmann expects to use the net proceeds from this offering to finance a portion of the cash purchase price of its previously announced acquisition of TFI Holdings, Inc. (“TFI”). If the acquisition of TFI is not completed, Heckmann intends to use the net proceeds from this offering to repay debt under its existing credit facility.
Kirby |
