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Big volume at the ask, someone appears to be buying blocks. Strange to see this kind of volume in the middle of a holiday week.
Looks like a very good opportunity here to add,new quarter like you said will be great chance to see this one go, tommorrow looks like a good day for pinks, I've got about 5 other hot ones to consider, and some powder to hit 'em.
I'm holding a core position, this looks like a good level to buy for me, if I had the powder
I concur.
The first thing is closing out the quarter.
The other thing to think about is low volume, big price changes. It can move in the other direction just as quickly.
Was the lastest news encouraging? I think most people were confused by it(include me).
Be patient, just like the other
Nothing. Volume is tiny and some folks are moving on before the end of the year. Little news vaccum now, but the recovery story has not changed for SKRRF.
what happened here?
Waiting to add here
Lots of nice buys at .20 today. Totally comfortable with this position and will add on any weakness.
Bid is moving up... 20x22
Haven't looked at the chart yet, but am sure the psar flipped on the daily.
Moving, ask up to .24! Patience pays folks. Sit back and enjoy.
Some one needs to let the market know! Not going higher at the moment!
Good, but not great.
The only thing better would have been acquiring 100 percent.
Naive me, but this is all a good thing for SKRRF right?
Estimated cost - approximately $51.8 million.
$37.5 million/$169.4 million
$14.3 million/$57.3 million
The repurchases will also save SKRRF about $13.4 million per year in interest expense. The gain should be $174.9 million ($226.7 million in face amount minus $51.8 million cost).
The trust assets will not be consolidated onto the books of SKRRF.
Stingray had $325 million face amount outstanding.
SKKRF prior to the tender owned $169.4 million face amount. The tender offer will net an additional $57.3 million in face amount, bringing the total to $226.7 million or about 70 percent of amount outstanding. There will be $98.3 million outstanding owned by other investors.
If the tender offer had been 100 percent successful and the pass-through trust securities were retired, SKRRF would have paid only $76.1 million, generating a gain of $248.9 million.
LOL No kidding. I have a vague general understanding of what is going on but I don't know if it is legal manuevering through a trust, an actual exchange of cash or just paper assets that are meaningless. Good? Bad? I dunno.
Some big numbers flying around though.
Can`t these people speak redneck english so we can understand WTF they are saying?
lol. I think it's good news, but don't even ask me for an explanation. I bet the company's accountants don't even understand it, let alone the IRS.
;)
I don't even know what this means. . .
subsidiary of Scottish Re Group Limited (Pink Sheets:SKRRF), announced today that the tender offer made by SALIC pursuant to an Offer to Purchase and Consent Solicitation, dated November 16, 2009 (the "Offer to Purchase"), and the related Consent and Letter of Transmittal, dated November 16, 2009 (together with the Offer to Purchase, the "Offer"), expired at midnight, New York City time, December 14, 2009 pursuant to the terms of the Offer. The Offer had been made to purchase for cash any and all of the outstanding 5.902% Collateral Facility Pass-Through Certificates ("Pass-Through Certificates") of the Stingray Pass-Through Trust not already owned by SALIC.
In connection with the Offer, holders of $57,270,000 aggregate stated amount of Pass-Through Certificates tendered their Pass-Through Certificates (the "Tendered Pass-Through Certificates") and SALIC accepted for purchase all such Tendered Pass-Through Certificates. Settlement of the Tendered Pass-Through Certificates is expected to occur on December 16, 2009. The Consent Solicitation to effect certain amendments as described in the Offer to Purchase resulted in less than the required amount of consents being received and as a result none of such amendments will be made.
Following settlement of the Tendered Pass-Through Certificates, SALIC will own $226,665,000 aggregate stated amount of Pass-Through Certificates. Accordingly, there will remain outstanding $98,335,000 aggregate stated amount of Pass-Through Certificates not owned by SALIC.
Thanks for the reply. I haven't been in this issue long and realize that it once was at much higher prices. With the broad market recovery, I figured some long time holders may need to offset market gains, thus no upward momentum the last 2-3 weeks.
I have seen all buying at the ask today with the only exception being 650 measily shares at .17. SKRRF was around .01 or under last year at this time, so very doubtful that we are seeing or will see tax loss selling.
Possible tax loss selling taking place?
a spark may cause a california wildfire here! lol
does not get much drier than this
Sellers may have dried up here.
Bottom channel of the pitchfork is currently holding quite well.
Yep, should start heading into the .20's to stay as we approach year's end. Patience will pay.
This is looking strong and is obviously very thin with peeps holding
Talking about other posters is a TOU offense so they can be deleted.
If you think a post should not be deleted you can have the post reviewed by Admin and they will reinstate the post if it is within the rules.
Got to the home page, hit "contact us" at the bottom and look for "my removed posts"
How about some objectivity from someone who is suppose to be a MODERATOR???? Negative OBV on this stock for the last several days... Dont you guys remember this stock was much higher a couple of weeks ago??? Im not trying to put the stock down as I own quite a bit of this, but there are delusional comments being made on this board. Were gonna need some News to get this to go up .. Not The "GOBBLING DOWN" down of the stock price...
Yes...patience here will reward us...
Yep, I had the time and sales up all day and that little print at the bid was not indiciative of today's trading. Good to see shares getting gobbled up at .19 the last few days. Patience will pay off here IMO.
Looks like most shares traded today at .19 or better. Low-ball paint at eod...
24,000+ shares at .19 or better today
Hi Guys, any way to get the chart updated in the I-Box? Thanks
Well of course I hope you are right.
No. Often with pinks and OTC's early prints mean that something is about to happen in the regular session. Maybe soemthing, maybe nothing.
only 5,000 shares at 0.19. if something was up, shares traded would have been a lot more.
PM prints at .19, SKRRF never trades in PM. Maybe something is up?
Just grabbed a little more here at $.19.
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As of June 30, 2008, SKRRF (former NYSE ticker SCT) had 68,383,370 ordinary shares outstanding.
BERMUDA
Crown House, Second Floor
4 Par-la-Ville Road
Hamilton, HM 08, Bermuda
telephone: (441) 295-4451
facsimile: (441) 295-7576
email: info@scottishre.com
__________________________________________________________________
MAJORITY OWNED BY:
MASSMUTUAL http://www.massmutual.com/
CERBERUS http://www.cerberuscapital.com/
SKRRF 2Q Results (released 8/20/10):
Scottish Re Posts to its Web Site Second Quarter 2010 Financial Statements
Scottish Re Group Limited (Pink Sheets:SKRRF), "Scottish Re" or the "Company", announced today that it has posted to its web site its consolidated unaudited financial statements for the three and six month periods ended June 30, 2010. For the three month period ended June 30, 2010, Scottish Re reported net income attributable to ordinary shareholders of $78.0 million, or $0.36 per diluted ordinary share, as compared to a net income attributable to ordinary shareholders of $176.9 million, or $0.81 per diluted ordinary share, for the prior year period.
The net income attributable to ordinary shareholders for the three month period ended June 30, 2010 was driven by $83.4 million of net realized and unrealized gains in the Company’s invested assets.
For the three month period ended June 30, 2009, the net income attributable to ordinary shareholders was driven by $133.1 million of net realized and unrealized gains in the Company’s invested assets and the recognition of an additional $59.8 million gain following the satisfaction of certain contingencies related to the first quarter 2009 sale to Hannover Ruckversicherung AG of a block of individual life reinsurance business.
Run-Off Strategy/"Right Side" Balance Sheet Management
Scottish Re stated, initially in the 2009 2Q report (page 12), that the company may purchase in privately negotiated transactions, open market purchases, or otherwise, additional amounts of outstanding debt, non-voting preferred securities and other liabilities. The table below details the right side of the balance sheet on an actual and market value basis. SKRUF was increased from $1.60 to $7.00 ove time. Based on the large discounts detailed below, investors questioned its ability to continue as a going concern. Investors should expect two things going forward: (1) gains on early extinguishment of debt; and (2) shrinking discounts.
Liabilities declined $58 million over the latest quarter, but the market value decreased by $76.3 million. Despite no change in Collateral Finance Facilities on an actual basis, the market value decreased nearly $38.8 million.
Interest Sensitive Contract Liabilities declined by $27.3 million actual, but only $19.5 million on a market value basis.
Long Term Debt is comprised of Capital Trust and Trust Preferred Securities.
The acquistion of Non-Cumulative Preferred below book value would not create income; the difference is a credit to Additional Paid-In Capital.
* | 2Q | 2Q | 3Q | 3Q | 4Q | 4Q | 1Q | 1Q | 2Q | 2Q | Change | Change |
Account | Actual | Market | Actual | Market | Actual | Market | Actual | Market | Actual | Market | Actual | Market |
Reserves for future policy benefits | 1,579,543 | 1,579,543 | 1,543,960 | 1,543,960 | 1,542,639 | 1,542,639 | 1,538,526 | 1,538,526 | 1,518,010 | 1,518,010 | (20,516) | (20,516) |
Interest sensitive contract liabilities | 1,843,353 | 1,510,467 | 1,802,617 | 1,499,341 | 1,518,365 | 1,485,554 | 1,493,164 | 1,460,835 | 1,465,831 | 1,441,386 | (27,333) | (19,449) |
Collateral finance facilities | 1,300,000 | 919,917 | 1,300,000 | 1,019,702 | 1,300,000 | 907,710 | 1,300,000 | 885,057 | 1,300,000 | 846,229 | - | (38,828) |
Accounts payable | 116,244 | 116,244 | 147,896 | 147,896 | 68,921 | 68,921 | 44,818 | 44,818 | 47,726 | 47,726 | 2,908 | 2,908 |
Embedded derivatives at fair value | - | - | 35,732 | 35,732 | 38,557 | 38,557 | 35,527 | 35,527 | - | - | ||
Reinsurance balances payable | 164,850 | 164,850 | 117,874 | 117,874 | 137,597 | 137,597 | 137,985 | 137,985 | 110,809 | 110,809 | (27,176) | (27,176) |
Deferred tax liability | 221 | 221 | 221 | 221 | 50,143 | 50,143 | 48,756 | 48,756 | 47,920 | 47,920 | (836) | (836) |
Long term debt at fair value | - | - | 55,068 | 55,068 | 42,147 | 42,147 | 60,180 | 60,180 | - | - | ||
Long term debt | 129,500 | 14,245 | 129,500 | 22,663 | 129,500 | 32,375 | 129,500 | 32,375 | 129,500 | 42,942 | - | 10,567 |
Total liabilities | 5,133,711 | 4,305,487 | 5,042,068 | 4,351,657 | 4,837,965 | 4,315,739 | 4,773,453 | 4,229,056 | 4,715,503 | 4,150,729 | (57,950) | (78,327) |
Mezzanine Equity | 555,857 | 555,857 | 555,857 | 555,857 | 555,857 | 555,857 | 555,857 | 555,857 | 555,857 | 555,857 | - | - |
Non-cumulative preferred | 125,000 | 8,000 | 125,000 | 19,500 | 125,000 | 28,250 | 125,000 | 30,000 | 120,152 | 33,643 | - | 3,643 |
Equity | (646,574) | (646,574) | (444,489) | (444,489) | (229,156) | (229,156) | (129,436) | (129,436) | (51,280) | (51,280) | 78,156 | 78,156 |
Non-controlling interest | 7,258 | 7,258 | 8,168 | 8,168 | 7,668 | 7,668 | 7,908 | 7,908 | 8,359 | 8,359 | 451 | 451 |
Shareholders' equity/(deficit) | (639,316) | (639,316) | (436,321) | (436,321) | (221,488) | (221,488) | (121,528) | (121,528) | (42,921) | (42,921) | 78,607 | 78,607 |
Total | 5,175,252 | 4,230,028 | 5,286,604 | 4,490,693 | 5,297,334 | 4,678,358 | 5,332,782 | 4,693,385 | 5,348,591 | 4,697,308 | 15,809 | 3,923 |
Discount | - | 945,224 | - | 795,911 | - | 618,976 | - | 639,397 | - | 651,283 |
Mezzanine Equity in the "fast forward" mode.
The table below details the impact of the ME conversion as if it occurred at 6/30/10 rather than 5/07/16.
Upon conversion, $555.9 million moves from ME to Ordinary Shares and Additional Paid-in Capital for 150 million shares. The conversion propels the $120.2 million in Non-Cumulative Perpetual Preferred to a more senior position. SKRRF would have 218.4 million shares outstanding. Shareholders's equity would now be $504.6 million on a pro forma basis (compared to $68.9 million). Book value per share would be $2.31. There is some risk that the conversion value could change prior to the mandatory conversion date.
Please note that the ME has a current liquidation preference of $737 million ($600 million par value plus $137 million in accrued and unpaid dividends). The liquidation value per share is $4.77.
* | Q2 | Adjustments | Pro Forma |
Assets | 5,348,591 | - | 5,348,591 |
Liabilities | 4,715,503 | - | 4,715,503 |
Mezzanine Equity | 555,857 | (555,857) | - |
Non-cumulative preferred | 120,152 | - | 120,152 |
Ordinary shares | 684 | 1,500 | 2,184 |
Additional paid-in capital | 1,217,880 | 554,357 | 1,772,237 |
Retained deficit | (1,269,844) | - | (1,269,844) |
Total equity | 68,872 | - | 504,577 |
Non-controlling interest | 8,359 | - | 8,359 |
Total equity | 77,231 | - | 512,936 |
Total liabilities, ME and equity | 5,348,591 | - | 5,348,591 |
SKRUF iHub Board: http://investorshub.advfn.com/boards/board.aspx?board_id=14256
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