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Thursday, August 26, 2021 2:56:13 PM
There is no way for UST to cash out their Sr Pref as they cannot be repaid by FnF (no provision to repay it). Also, they are not receiving any money from profits at the moment, until reserves are built.
So, the option listed by you is the only option to exercise them soon, but I doubt it will be done by UST. Even if they do exercise it, they'll get no dividend on them.
In fact PPS may go down with dilution (with 5 B shares floating around without dividend possibility and Sr Pref debt still hanging on them). So, don't think warrants will be exercised until outstanding Sr Pref and Jr Pref are paid or div restored for Jr Pref and Sr Pref marked down.
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yes - based on current common PPS
but if GOV wanted to exercise WTS and sell 4B shares - it would IMO IMO note something like --- this will be the MAX number of shares in any eventual equity owned Fannie Mae - no SPO
that would increase our PPS and theirs to say 3 or ?
then if they added a lower capital reserve level needed at the same time?
so PPS right now can change fast IMO - if GOV wants more money for its WTS
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