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Thread: Tyler,Bradon is this true? why the 13d

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  1. #1
    hartleib1 is offline
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    Tyler,Bradon is this true? why the 13d

    Today you saw an SEC filing by Apollo Investment Advisors for 13D, which indicates that the private equity firm now owns 736 million shares of Sirius XM. This represents 23% of the outstanding shares of the company.

    In the previous filing dated November 2005, Apollo represented that they owned 192 million pre-merger shares, or 14.4% of the outstanding shares.

    Crossing the 20% ownership threshold is a significant event, as Apollo would now account for their investment as an equity investment.

    In case you missed the filing:

    http://investor.sirius.com/EdgarDeta...1514&SID=08-00
    Last edited by hartleib1; 08-12-2008 at 02:41 AM.

  2. #2
    hartleib1 is offline
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    I mean Brandon!


    Schedule 13D
    Schedule 13D is commonly referred to as a “beneficial ownership report.” The term "beneficial owner" is defined under SEC rules. It includes any person who directly or indirectly shares voting power or investment power (the power to sell the security).

    When a person or group of persons acquires beneficial ownership of more than 5% of a voting class of a company’s equity securities registered under Section 12 of the Securities Exchange Act of 1934, they are required to file a Schedule 13D with the SEC. (Depending upon the facts and circumstances, the person or group of persons may be eligible to file the more abbreviated Schedule 13G in lieu of Schedule 13D.)

    Schedule 13D reports the acquisition and other information within ten days after the purchase. The schedule is filed with the SEC and is provided to the company that issued the securities and each exchange where the security is traded. Any material changes in the facts contained in the schedule require a prompt amendment. The schedule is often filed in connection with a tender offer.

    You can find the Schedules 13D for most publicly traded companies in the SEC’s EDGAR database. You can learn how to use EDGAR to find information about companies. You can find an HTML version of the Schedule and download a PDF version for easier printing.
    Last edited by hartleib1; 08-12-2008 at 02:44 AM.

  3. #3
    homer985 is offline
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    Apollo holds 2.6%, they do not hold 23%. You do not add up the shares on a Schedule 13D or 13G. You list all the funds that have shared dispositive power over the shares... in this case Apollo Advisors has several different affiliates that have power to control the various shares.

    I'll point out, Sirius note in their Amended 10K earlier this year (that they used in lieu of their proxy filing this year) -- that the last filing was made by Apollo in 2005, in which they claimed to have held 95 million shares. This new amended filing by Apollo notes that they have a little over 91 million shares now... a slight drop. And that they believe that they now have 2.6% of the outstanding shares.

    Apollo is now a minority owner, as they have less than 5%.



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  4. #4
    hartleib1 is offline
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    Thanks Homer, I did speak to IR and they said the same.

  5. #5
    homer985 is offline
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    Michael, FWIW... Schedule 13G and 13D's (and amendments to them) must be filed within 10 business days of any changes.

    Apollo filed on August 11th, noting that the merger between XM and Sirius occured on July 28th -- which caused the change in ownership position for them. August 11th is exactly 10 business days after July 28th.

    The thing I have to point out -- between July 28th and August 11th -- had Apollo went out and purchased over 600 million shares of Sirius (nearly $1 billion worth) during that time... then the pps would not be sitting near $1.40 right now. That kind of buy pressure in 10 days is rather significant.



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  6. #6
    hartleib1 is offline
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    That makes sense. I thought it may have been possible with those 300 million share days and the new shares that hit the market short.

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