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If somebody knew something, wouldn't volume be a lot higher?
http://finance.yahoo.com/news/prospect-global-names-damon-g-223000448.html
What the heck is going on? No news of Patrick Avery and termination of the financial arrangement.
Any chance someone else trying to take over the shell? For a whole new company?
Ends up a very nice move.
I didn't think this little PR would cause so much movement....
http://finance.yahoo.com/news/analysis-miner-wants-chummy-global-063026475.html
Was thinking about selling this bleeding stock. What makes you think that this will go up. I'd like to get back into the black on this....
http://www.reuters.com/article/2012/10/22/us-prospectglobal-china-idUSBRE89L03E20121022?feedType=RSS&feedName=innovationNews&rpc=43
(Reuters) - A state-owned Chinese fertilizer company has signed a 10-year potash supply agreement with Prospect Global Resources Inc (PGRX.O), guaranteeing China a steady flow of the crucial fertilizer and helping it partially sidestep multinational suppliers like Potash Corp (POT.N).
I guess this was what the movement was about last week.
I wonder what's moving this today??
Is JE one of those type companies that part of the dividend won't be received because it is taken as a tax by the Canadian govt.??
http://finance.yahoo.com/news/air-industries-group-inc-company-163110423.html
The purpose of the Filing is to register the common stock of the Company with the SEC. When the Filing has become effective, Air Industries intends to seek a listing of its shares on a national stock exchange.
Prospect Global Reports Upgraded Resource Calculation for its Holbrook Basin Potash Assets
Independent Study by North Rim Exploration Increases Certainty, Upgrades Classification of Nearly 40% of Resource from "Inferred" to "Measured and Indicated"
Confirms Management Projection of over 50 Years of Mine Life and 2 Million Metric Tons per Year Based on Detailed Engineering and Process Studies
Company Gains Full Ownership and Control of American West Potash through Accretive Acquisition
Management Delivers Timely Execution of Key Milestones
http://finance.yahoo.com/news/prospect-global-reports-upgraded-calculation-130000447.html
I have an interest in this, and am doing some research. Pat Avery is the CEO. He was the CEO of a large potash firm, resigned under some sketchy sort of situation regarding his education credentials. He has had success with those past companies.
Himax Technologies, Inc. ("Himax" or "Company") (HIMX), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, today declared a cash dividend of 6.30 cents per ADS, or 3.15 cents per ordinary share, for the year of 2011.
Wow, the letter to the shareholders was very detailed and to the point. He laid things out point by point. This is feeling very promising!!
Up in the after market as well.
It looks as though Yorkville took over TXPO and this might just be an empty shell.
http://www.iphotonix.com/index.php?option=com_content&view=article&id=47&Itemid=53
I noticed one of my other holdings is presenting here as well. NENG. Not sure why a presentation like this isn't considered more of a positive thing.....
I like IGD.....
Sure liked the movement today.......
Gotta like that!
Tim, thanks for the info.....
Wow!! over 1.40 today!! Skidos and Scout this is great!!
Any idea on dividend reinstatement? When?
Change in Directors or Principal Officers
http://biz.yahoo.com/e/090713/sstp.pk8-k.html
.12 dividend announced.
Lightwave Logic, Inc. Announces Positive Patent Update
* Thursday March 19, 2009, 6:00 am EDT
NEWARK, Del., March 19 /PRNewswire-FirstCall/ -- Lightwave Logic, Inc. (OTC Bulletin Board: LWLG; http://lightwavelogic.com), a technology company focused on the development of electro-optic polymer materials for applications in high speed fiber-optic telecommunications and optical computing, announced today the start of substantive examination and positive indications from the U.S. Patent & Trademark Office in one of our five U.S. patent applications.
The U.S. Patent Office mailed a first Office Action on the merits in one of our five U.S. patent applications. In the current Office Action, the Examiner indicates that our elected species is "free of the prior art." Thus, while the Office Action contains some formal rejections which Lightwave intends to address in due course, the elected species meets the requirements of novelty and non-obviousness based on the Examiner's search and comments. This application is directed to some of our core technologies which can employ, among others, our Perkinamine containing class of materials. "This is excellent news for Lightwave because it validates the uniqueness of our technical approach to new materials for nonlinear optical applications," stated Dave Eaton, Lightwave's Chief Technical Officer.
Lightwave considers this action to be a positive sign at the beginning of the process that will eventually lead to the issuance of all of Lightwave's patent applications, which will in turn enable Lightwave to better protect its intellectual property with a strong, viable patent estate helping to ensure its business future.
Kudos to all who got in @.30-.50 range, nice buy!!
Form 8-K for TXP CORP
27-Feb-2009
Entry into a Material Definitive Agreement, Other Events
Item 1.01 Entry Into a Material Definitive Agreement.
Amendment to the Forbearance Agreement with YA Global Investments, L.P.
As previously reported by TXP Corporation (the "Company") in its Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on December 31, 2008, on December 11, 2008 the Company received a default letter (the "Default Letter") from YA Global Investments, L.P. ("YA Global") pursuant to which YA Global notified the Company that the Company is in default under the financing transactions entered into between the parties, including, without limitation (i) the securities purchase agreement dated as of May 29, 2008, (ii) the secured convertible debentures issued to YA Global thereunder, (iii) the security agreement between the Company and YA Global dated as of May 29, 2008,
(iv) the securities purchase agreement dated as of March 30, 2007, (v) the secured convertible notes issued to YA Global thereunder, and (vi) all documents and instruments entered into in connection with the foregoing (collectively, the "Transaction Documents").
As previously reported by Company in its Current Report on Form 8-K filed with the SEC on January 15, 2009, on January 15, 2009 the Company entered into a forbearance agreement (the "Agreement") with YA Global pursuant to which YA Global agreed to forbear from exercising its rights and remedies under the Transaction Documents arising out of the existing defaults for the period (the "Forbearance Period") commencing on January 15, 2009 and ending upon the occurrence of any of the following events: (i) the Company failure to comply with any terms or conditions set forth in the Agreement, or (ii) any occurrence or existence of any event of default under the Transactions Documents, other than the existing defaults. Upon the termination or expiration of the Forbearance Period, the agreement of YA Global to forbear will terminate; the effect of such termination will be to permit YA Global to exercise such rights and remedies immediately, including, but not limited to, the acceleration of repayment by the Company of all of its obligations to YA Global under the Transaction Documents.
On February 20, 2009, the Company entered into Amendment No. 1 to the Agreement effective as of February 17, 2009 with YA Global under which the date by which the Company must implement an acceptable cost cutting/growth plan was extended from January 30, 2009 to February 27, 2009. In addition, the dates by which the Company must enter into agreements with Cambridge Industries Group ("CIG") pursuant to which (i) products representing at least $2,000,000 of the Company's current and future orders will be manufactured and supplied at prices which result in average profit margins to the Company of at least 25%, and (ii) CIG agrees to fund the Company's iPhotonics ONT operations per the agreed upon cost cutting/growth plans, were each extended from January 30, 2009 to February 27, 2009. Moreover, the date by which the Company must enter into payment arrangements and/or standstill agreements to satisfy all of its accounts payable and provide to YA Global a budget detailing such payments and arrangements was extended from February 10, 2009 to February 27, 2009.
The Agreement was further amended to (a) provide that YA Global must notify Comerica Bank that it is releasing its notice of exclusive control over the Company's account(s) until such time as YA Global notifies Comerica Bank that an event of default has occurred under the Transaction Documents, and (b) designate Mr. John Eger and Ms. Marcia Allen, the new Co-Chief Restructuring Officers of the Company, as the sole persons authorized to direct the disposition of deposits and the opening of cash accounts at Comerica Bank on behalf of the Company pursuant to that certain Control Account Agreement dated as of August 6, 2008 by and among Comerica Bank, the Company and YA Global.
First Amendment to Intercreditor and Subordination Agreement and Amended Direction Letter
As previously reported by Company in its Current Report on Form 8-K filed with the SEC on August 19, 2008, on August 13, 2008 the Company entered into an Intercreditor and Subordination Agreement with Landry Marks, L.P. ("Landry Marks") and YA Global pursuant to which YA Global's first priority security interests in all of the Company's assets granted under the March 2007 and May 2008 Security Agreements were subordinated to Landry's first priority security interest granted under that certain Factoring Agreement dated August 13, 2008 (the "Factoring Agreement") with respect to all of the purchased accounts, future acquired accounts, and all other rights of payment owed to the Company. On February 20, 2009, the Company entered into the First Amendment to the Intercreditor and Subordination Agreement dated as of February 19, 2009 with YA Global and Landry Marks.
On February 20, 2009, the Company entered into an amended direction letter (the "Direction Letter") with YA Global and Landry under which YA Global directed Landry Marks to purchase up to $700,000 of certain account receivables of the Company pursuant to the terms of the Factoring Agreement and pay such purchase price to the Company, less any fees and discounts payable to Landry Marks provided for in the Factoring Agreement, until such time as YA Global notifies Landry Marks that an event of default has occurred under the Transaction Documents.
The foregoing is a summary of certain material terms and conditions of Amendment No. 1 to the Agreement, the First Amendment to the Intercreditor and Subordination Agreement, and the Direction Letter, and not a complete discussion of those agreements. Accordingly, the foregoing is qualified in its entirety by reference to the full text of those agreements attached to this Current Report on Form 8-K in Exhibits 10.1, 10.2 and 10.3, respectively, and incorporated herein by reference.
Item 8.01 Other Events.
As previously reported by Company in its Current Report on Form 8-K filed with the SEC on December 31, 2008, on December 12, 2008 the board of directors of the Company elected to temporarily suspend all operations of the Company's business, due to the Company's inability to secure the financing required to continue operations. In connection with the Company's temporary suspension of operations, the Company suspended the employment of substantially all of its employees, other than its executive officers, who were not being compensated during the temporary suspension of operations.
The Company resumed limited operations on January 19, 2009. In addition, upon the execution on February 20, 2009 of Amendment No. 1 to the Agreement, the First Amendment to the Intercreditor and Subordination Agreement, and the Direction Letter, the Company has resumed normal operations. However, management intends to continue to pursue financing.
IMO, I think they have to show that they can be profitable again. I'll be watching for that sign for me to get back in.
This article is about a month old, apologies if it has already been posted. I'm watching and adding more dividend plays as I can.
Article from Seeking Alpha
DHT Maritime: Best Nautical Investment Since the Nina, Pinta and Santa Maria
by Benjamin Mackovack
DHT Maritime (DHT) owns nine double-hull tankers consisting of 3 very large crude carriers (VLCCs), 2 Suezmax, and 4 Aframax tankers. All nine tankers are chartered out under long-term contracts to Overseas Shipholding group (OSG). These two companies have a solid history together as DHT was spun out from OSG in October 2005. Of the nine vessels, seven are chartered until the end of 2010 to early 2012 while the remaining two are chartered until 2014 to 2018. These long term charters allow DHT to completely avoid the sometimes volatile spot market but also include profit sharing agreements with OSG that allow DHT to participate in the upside should spot rates be higher than the chartered base rate.
Investment Thesis
DHT has been crushed with the rest of the shipping group and now trades at a compelling valuation and offers a total return opportunity as the dividend is yielding roughly 20%. DHT has long term charters and is completely contracted out through the end of 2010 so they are entirely insulated from any downward swing in spot rates. Furthermore DHT has profit sharing agreements that allow them to capture 33-40% of the upside from higher spot prices. DHT looks attractive even under my worst case analysis which assumes that DHT earns only their already contracted baseline rate. DHT has no pending purchases, options, or funding requirements. Longer term rates for double hull tankers should hold up as the industry phases out single hull tankers by 2010. In addition, tanker rates should also benefit from investors using tankers as storage as to arbitrage the extreme contango present in the oil futures curve.
Attractive valuation, predictable free cash flows
DHT has sold off with the rest of the peer group even though they have the unique characteristic of effectively having a “put” or floor on their free cash flows through their long-term charters with base rates. My model below assumes DHT earns only the baseline rate in Q3 & Q4 2008, FY 2009, and FY 2010. Should tanker spot rates maintaining their current levels, it will result in additional upside for DHT not accounted for in this model. Given the current baseline contracts, DHT is yielding 20% FCF and has a 20% sustainable dividend yield. In the below model I went through vessel by vessel and modeled out the baseline cash flows that are already contracted out to OSG. As a side note OSG is the former parent of DHT and is in pretty good shape, they have a $1B market cap, $340m in cash, and $1.6B in revenue.
Forecast using Baseline Charter Rates / Actual Results
click to enlarge
DHT’s vessel expenses per day have steadily declined over the past eight quarters. My analysis assumes vessel expenses going forward will be equal to average cost for the past eight quarters, this equates to a +23% increase in vessel expenses versus Q2 2008 which I think gives us some margin of safety ($.0073 avg vs. $.0059 Q2 2008).
Using the above assumptions, I valued the cash flows going out until the end of 2010 (which is only 2.5 years and assumes no terminal value) which are 100% under contract, and the value of the vessels net of liabilities and arrived at $7 per share. The important thing to remember is that these cash flows are “worst case” ( I hate to say that in this environment) in other words they do not include any upside from spot rates being above the baseline rates that are fully chartered. Furthermore only 2 of the 9 ships run off contract at the end of 2010 so the actual contracted free cash flows will be higher than what I have used through 2010.
Opportunity for an asymmetrical pay-off
What I find really attractive about DHT is the opportunity for an asymmetrical payoff with the baseline contracts and profit sharing opportunities, if tanker rates go down we are protected through the base rates however DHT will participate in any upside from higher rates. The below chart shows the baseline charter rates versus the spot rates, please note that DHT reported initial rates for Q4 which is ~50% complete. As long as the spot rates are above the charter rates (which they are nearly +100% above currently) DHT will continue to earn profit sharing revenue which is icing on the cake given that DHT represents a compelling investment based solely on the baseline rates. The area above the baseline rate to the actual rate is the FCF that we have essentially bought a free option on. Note that what I refer to as the “spot rate” is also known as the “time charter equivalent” or TCE.
High dividend yield (20%) provides total return, dividend secured by ample FCF
DHT raised their dividend to $1.20 per share in Q3 which equates to roughly a 20% yield at the current stock price. The dividend should be stable going forward as DHT has ample coverage even under my baseline charter rate assumptions. The average dividend yield for DHT since 2005 is 11.45%. A 12% yield would imply a price of $10. On the Q3 earnings call, I asked for confirmation that the baseline charter rates alone could support the new $.30 dividend and the CEO affirmed this. Also, I urged them not to purchase any vessels without first lining up similar long term deals with baseline rates and profit sharing opportunities and the CEO seemed to agree with this approach. The new dividend allows investors to extract even more value out of DHT’s long term contracts and ultimately should send the stock higher.
Balance sheet solid, no funding needs or purchase obligations
DHT has arguably the best balance sheet in the shipping space. They have zero vessels on order and zero options. They prepaid $75m in debt in Q3 that was due at the end of the year and were still able to increase their cash balance by $8m in the Q. DHT does not have any additional debt expire until Q1 2011. Management is very conservative and I think it is unlikely they will attempt to expand their fleet in the near term.
Industry trends favorable for double hull tankers
Tanker rates should remain firm as the new build order book is being squeezed by the credit crisis. According to Merrill Lynch 30% of the order book has already been delayed or canceled. Furthermore ~18% of the world’s current tanker fleet are single hull which are to be eliminated by 2010 due to the International Maritime Organization’s regulations. This regulation should continue to support values for double hull vessels and keep rates firm as it removes 18% of capacity.
Tanker rates should also continue to benefit from the extreme contango seen in the oil futures curve. Recently, the average Feb-Jun contango had gone out to $7.08, which is an incredible 43% and is the widest the contango has ever gone. In other words for those who can borrow the money and can find the storage, taking delivery of Jan'09 WTI and storing it and re-tendering into Jan'10 will earn the investor +43%, less the cost of borrowing. In a recent interview Mr. Jens Martin Jensens, the managing director of Frontline (FRO) which is the world's largest operator of VLCCs, told The Financial Times that there were at least 25 VLCCs on the high seas being used solely as "floating storage." With storage capacity scarce, tanker rates should benefit on the margin from traders looking to arbitrage this opportunity.
Risks
OSG runs into trouble and has to renegotiate or cancel charter contracts. Given the relative stability of tanker rates, health of OSG, and past relationship (OSG was parent company) I do not think the charter contracts are in danger.
Management tries to expand the fleet and executes value destroying vessel acquisitions or creates funding needs. Given their track record I trust management will remain conservative.
Pirates.
Disclosure: Long DHT
How do you play this one??
I admit the price in the .30's is interesting, but this baby is bleeding cash pretty heavy.
I agree with everything choo said!!
Merry Christmas!
You sure are right there.
Hey Scout did anything about this letter seem vague to you or is that the way it's supposed to be??
A couple of new contracts have been inked, could make things interesting.
Finally managed to snag some more shares!!
Darn, trying to buy @ .25, just like the first trade of the day. Not getting any...