Merry Christmas, everyone! Yesterday Tronox said that, post-closing, it will be Christmas for everyone and management INTENDS to recommend the following:
* Raising additional debt financing in an amount between $750 and $1.0 billion in either additional term loans and/or unsecured bonds;
* Issuing a special dividend of $25.00 per share;
* Authorizing up to $250 million of share repurchases under certain circumstances;
* Adopting a regular quarterly dividend commencing in the fourth quarter 2012; AND (emphasis mine)
* A split of the shares on an approximate ratio of between 7:1 and 9:1.
But then they said that "There is no assurance that management WILL (emphasis mine) make these recommendations or, if the recommendations are made, that they will be adopted by the Board of Tronox Limited and ultimately pursued." What?
This is nonsense 12 days before a shareholder vote! Do they know what they WILL recommend or not? It appears to be pure pandering for votes for their transaction, and, once again, there is no accountability of this leadership to the shareholders. If none of these recommendations are made, or if any recommendations are rejected by the Board, they have cover.