Replies to post #30 on Atlantic Coast Financial Corp (fka ACFC)

[leftope]

It appears that the new book value per share will be $4.84.

Prior to the stock sale, equity was $29.875mm with 2,629,061 shares O/S.

The base issuance was $42mm worth of shares at a price of $3.75, providing net proceeds after expenses of $39.2mm.

With the over-allotment (which is probably in the bag after today's volume) of an additional 1.68mm shares, the total net proceeds will be $45.2mm. This gives us total newly issued shares of 12.88mm, for total shares O/S of 15.509mm.

[Enterprising Investor]

Sidhu is an experienced operator.

Combination unlikely in the near term. Both banks need to put there turnaround plans into action first.