Can we get an update of the famous Hua tables
Rajiv, a month late and many shares short (pun intended), here's the
update. As you know very well, WCAP purchased preferred stocks which
are converted to common stocks at a certain conversion factor.
Here are WCAP's holdings:
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Symbol/ Preferred Conversion Common Price Value
Company Shares Factor Shares per share $MM
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COOL 1,464,000 16 23.4
ROWE 440,200 0.349 153,676 36 5.5
WGAT 140,000 0.667 93,380 44 4.1
MPATH 227,273 0.610 138,637 40 (E) 5.5
JUNO 1,178,304 0.180 212,095 40 (E) 8.5
----------------------------------------------------------------------
Total Value: 47.0
(E): Estimated
There are 5.72 MM WCAP shares. The value per share is $8.2.
The rest of WCAP's old loan business and other small investments is
valued at about $2. It is no coincidence that WCAP was changing hands
at ~$10 just weeks ago.
Fact is anybody can own the equivalence of a WCAP share by buying the
same stocks in the open market and pay about 8 bucks. Not only that
one can sell the securities anytime while WCAP is restricted from
selling until the lock-up periods end. Prices can fluctuate
significantly in the interim. Because of the uncertainty, WCAP records
70% of the unrealized gain/loss on its balance sheet.
I may be untrendy, but I take no pleasure in overpaying. Since some
people like to overpay, I took the opportunity to borrow shares from
my broker and sold them the shares.
Regards,
Tom
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