I believe it was in 2014, Blackrock did a deal with Gramercy.
(before you started posting in early 2015)
Blackrock bought a certain % of Gramercy in order for Blackrock to control their votes in BAA.
Blackrock was unable to increase their % of BAA shares without losing their votes, BAA has provisions that if a shareholder has more than 20% of the OS, they cannot vote on BAA matters.
It's something to that effect. Could someone else confirm this.
Thanks in advance
GO BAA
Gramercy being a "vulture" wouldn't apply, Blackrock owns their votes.
Congo Mining Friday, 04/10/15 03:06:56 AM
Re: goforprofit post# 22650
Post #
22703
of 46489 Go
GRAMERCY AND BLACKROCK
NOT A REQUIREMENT
as some traders who are more intelligent and better informed than than I have pointed out Gramercey does not have to sell...
They likely want to be under 20% so they can vote in the case of a proxy fight or takeover bid. If they execute all their convertibles that are in the money at about 0.5673 and their Warrents in the money at 0.269 they will be above the 20%. They do not have to sell any more shares at any time if they choose not to... but apparently they feel this is a good time to start.
As the statistician pointed out Blackrock has accumulated also...Blackrock also holds a large position in the bonds due in 2017. I believe they acquired them in the original private placement in 2012. So have a vested interest in the company and know it well also.
Furthermore... Blackrock owns a little bit of Gramercy
After the financing BAA (still way undervalued) might be a takeover target...in addition, there was a case last year where some vulture fund bought 1000 shares of BAA and started a proxy battle that cost the company 2 million at a very vulnerable point.
So perhaps...
Gramercy and Blackrock, don't want to put up with anything like that once they've allocated a lot of capital. Voting together would (likely) fend off any shenanigans.
In effect...
Blackrock may be buying the shares Gramercy is selling.
As a side note, I get the impression that Gramercy guided the management changes that brought in the set of Pros we have now.
SOMEONE CORRECT ME IF I'M WRONG.
AI
