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Post by tchalaa on Nov 11, 2015 12:06:19 GMT -5
The saga of the issuance of Mankind has come to an end - through a creative solution. Mankind You can issue shares in Israel and the ETF (permanent liquidity commitment) could buy them, although they will be locked up for six months. Israel Securities Authority found that the lock-up clause refers only to the Tel Aviv Stock Exchange. Organs, if they wish, they could sell their shares Mankind in New York. It remains to be seen whether institutions decide to participate in the offering. How to share Mankind (US): Strong Buy Shopping Please wait For Sale STRONG SELL To share Mankind (US) On the other hand, the Tel Aviv Stock Exchange issued a notice to prevent such incidents in the future - TASE Board of Directors will meet on November 19 to offer an amendment concerning the guidelines on general measures. Until the stock exchange decided to offer will be accepted only if there are two conditions that the company can enter the measures, the first is linked to Israel and the other is whether the company has received authorization until 22 November this year. The second section actually sets the entry of Mankind measures and thus support the Company's anticipated IPO. Any notice of the Stock Exchange: "Further inquiries market operators and in-depth discussions on the subject, Faculty Stock Exchange will approve the Board of Directors' proposal that, until the completion of the reform, not ship indexes of new shares, incorporated abroad and who have no connection to Israel. The aim of the proposal is to maintain the Israeli identity of the stock exchange indices" . translate.google.de/translate?hl=en&sl=iw&u=http://www.calcalist.co.il/&prev=search
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Post by jeremg on Nov 11, 2015 12:09:44 GMT -5
The saga of the issuance of Mankind has come to an end - through a creative solution. Mankind You can issue shares in Israel and the ETF (permanent liquidity commitment) could buy them, although they will be locked up for six months. Israel Securities Authority found that the lock-up clause refers only to the Tel Aviv Stock Exchange. Organs, if they wish, they could sell their shares Mankind in New York. It remains to be seen whether institutions decide to participate in the offering. How to share Mankind (US): Strong Buy Shopping Please wait For Sale STRONG SELL To share Mankind (US) On the other hand, the Tel Aviv Stock Exchange issued a notice to prevent such incidents in the future - TASE Board of Directors will meet on November 19 to offer an amendment concerning the guidelines on general measures. Until the stock exchange decided to offer will be accepted only if there are two conditions that the company can enter the measures, the first is linked to Israel and the other is whether the company has received authorization until 22 November this year. The second section actually sets the entry of Mankind measures and thus support the Company's anticipated IPO. Any notice of the Stock Exchange: "Further inquiries market operators and in-depth discussions on the subject, Faculty Stock Exchange will approve the Board of Directors' proposal that, until the completion of the reform, not ship indexes of new shares, incorporated abroad and who have no connection to Israel. The aim of the proposal is to maintain the Israeli identity of the stock exchange indices" . View AttachmentView Attachmenttranslate.google.de/translate?hl=en&sl=iw&u=http://www.calcalist.co.il/&prev=search So the offering will go through but on different terms? What was the "6mo lock up clause" which seemed to cause so much controversy?
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Post by pengiep on Nov 11, 2015 12:19:47 GMT -5
Am I correct in reading this development as todays offering was delayed until later because terms of the offering had to be changed?
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Post by esstan2001 on Nov 11, 2015 12:25:10 GMT -5
Am I correct in reading this development as todays offering was delayed until later because terms of the offering had to be changed? I read it as the Mannkind financing deal goes through, but future deals will be subject to new guidelines to be discussed beginning Nov 19th.
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Post by jeremg on Nov 11, 2015 12:28:36 GMT -5
Am I correct in reading this development as todays offering was delayed until later because terms of the offering had to be changed? I don't think it has been delayed. I think there was a "6mo lock up" clause to prevent the Indexes from selling and the regulators were not happy with these terms. The recent article posted mentions the ETFs can sell their shares in New York so I'm assuming at this point Matt's statement that the shares have to be held and are safe as "long shares" is null and void after this latest development. What's important is that we get the $100mil plus in funding for the next few quarters regardless of the terms.
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Post by Deleted on Nov 11, 2015 12:31:14 GMT -5
With 14.2mm shares trades, if all the shorts bought, would still have over 100mm short.
Someone once said declaring a dividend would fry the shorts - true and if so, what is smallest dividend needed to sauté them?
Publicly traded debt offering? Preferred equity? Can Al do a private placement with friends?
Current market cap at $827mm. Can't Merck, GSK, Novo or another player just throw an offer on the table? If they offered $3B they are getting a deal.
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Post by savzak on Nov 11, 2015 12:31:34 GMT -5
Am I correct in reading this development as todays offering was delayed until later because terms of the offering had to be changed? I don't think it has been delayed. I think there was a "6mo lock up" clause to prevent the Indexes from selling and the regulators were not happy with these terms. The recent article posted mentions the ETFs can sell their shares in New York so I'm assuming at this point Matt's statement that the shares have to be held and are safe as "long shares" is null and void after this latest development. What's important is that we get the $100mil plus in funding for the next few quarters regardless of the terms. "Sell" is not the same as "lend out". ETF's need to be able to sell and buy shares in order to keep their holdings in line with the actual value of the index they reflect.
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Post by jeremg on Nov 11, 2015 12:37:47 GMT -5
I don't think it has been delayed. I think there was a "6mo lock up" clause to prevent the Indexes from selling and the regulators were not happy with these terms. The recent article posted mentions the ETFs can sell their shares in New York so I'm assuming at this point Matt's statement that the shares have to be held and are safe as "long shares" is null and void after this latest development. What's important is that we get the $100mil plus in funding for the next few quarters regardless of the terms. "Sell" is not the same as "lend out". ETF's need to be able to sell and buy shares in order to keep their holdings in line with the actual value of the index they reflect. So that's what all this confusion is about, the clause that was put into the offering was not compatible with TASE regulations?
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Post by obamayoumama on Nov 11, 2015 12:46:53 GMT -5
"Sell" is not the same as "lend out". ETF's need to be able to sell and buy shares in order to keep their holdings in line with the actual value of the index they reflect. So that's what all this confusion is about, the clause that was put into the offering was not compatible with TASE regulations? Yes I understand there was some language in the agreement that needed to be changed, but as of yesterday it is a done deal. If the deal was cancelled I believe MNKD would need to issue a press release
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Post by jeremg on Nov 11, 2015 12:52:24 GMT -5
So that's what all this confusion is about, the clause that was put into the offering was not compatible with TASE regulations? Yes I understand there was some language in the agreement that needed to be changed, but as of yesterday it is a done deal. If the deal was cancelled I believe MNKD would need to issue a press release I'm shocked Schwab and other respectable news outlets would post this conjecture as news, I was almost convinced this morning but even if it had been true I figure I'm so far in the hole at this point I may as well see this thing through along with Al.
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Post by mnkdorbust on Nov 11, 2015 13:00:43 GMT -5
Here is a pdf of the article on globes. Is it me or does it feel like the same people involved. GS, Olsen, etc. They are all mentioned in the article. The title of the original has now changed in updated online version pdf'd here. New title and info on the hebrew site translated to english is Mankind's huge issuance for the ETF in Tel Aviv difficulties. Previous version linked in the quote from earlier post.
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Post by jeremg on Nov 11, 2015 13:05:11 GMT -5
I wish we would go green on this turnaround "news", they still have is down ~8% now. If the indexes truly have to buy on the open market then by all means we should be GREEN; this would be good news!
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Post by slugworth008 on Nov 11, 2015 13:07:27 GMT -5
Heaven forbid that MNKD put out a clarifying PR. I mean really....totally clueless. With that being said. I bought 10K shares and averaged way down. WTF says me.
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Post by Deleted on Nov 11, 2015 13:09:01 GMT -5
Well, all I can say is I hope the SEC steps in and prosecutes those behind this complete lie that was put out there, beginning with AF who started the whole lie. He did this purposely to try and break the spine of MNKD. He took a chance, now he should pay the penalty, along with the brokerage firms that helped to spread this false news story. This is just incredible to me. Just incredible. Aloha.
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Post by kippyt on Nov 11, 2015 13:10:41 GMT -5
Piper Jaffray even went as far as to send out a report at 12pm ET this am on the supposed cancellation of the sale (called MNKD outlook continues to darken). They only mentioned the supposed cancellation as reported in the poorly translated Israeli news reports and, of course, made no mention of Matt's comments. I am sure Joshua Schimmer has access to blomberg and could have easily seen the same comments by Matt that I did in the article released yesterday.
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