New buyback just announced. Nice PM boost.
Very interesting part of this sentence....
Is LMCA looking to sell more to SIRI or is this a possible deal with the 7% converts of which Liberty is one of the holders.Shares of common stock may be purchased from time to time on the open market and in privately negotiated transactions, including in accelerated stock repurchase transactions and transactions with Liberty Media and its affiliates.
Approximately 230 mn shares associated with the 7% converts. 230mn X 3.50 =$805mn
Would still leave another 1.2 bn on the new authorization....EDIT...plus what is still left on current authorization which is in the neighborhood of about 1 bn.
Last edited by denco1; 07-15-2014 at 05:56 PM.
Didn't realize that the link was indeed the buyback announcement.
I'm taking the $2B share repurchase program as a positive earnings pre announcement.
But I can't help to feel tentative about the sp as they have tanked it to get shares cheap every other time...... Once bitten
Edit: what up Hedy!
I agree, Wolf
I see it as positive but I don't trust "management" or MaloneCo. Are they expecting a drop from crappy #s and are just getting ready with dry powder to load the truck? Are they throwing out a smokescreen because another offer is coming and they will have to suspend the buyback as a result? Are they actually on the level this time and really do want to return value to shareholders as they claim in this part or the press release...
The announcement of the extension of the repurchase program reflects the Board's desire to continue to return value to stockholders and its confidence in the long-term growth prospects of the Company's business.
That statement almost makes me want to laugh if not for the anger that dominates my other emotions as a result of the last 9 months of anything but returning value to shareholders.
Put me in the cautiously skeptical camp as well.....with a splash of optimism.
Last edited by denco1; 07-15-2014 at 08:09 PM.
My first reaction when i saw this news was YES!!!! Followed immediately by oh Chit....they gonna tank it it pick up more shares or run it up to 4 area then tank to pick up more shares on the cheap. I don't trust these guys anymore. Why let the stock run if siri is looking to buyback roughly 3-3.4 billion $ worth. One thing i have learned since these buybacks...is when the stock tanks .40 cents on no bad news....thats the time to buy!! GLTA
It really is sad/unfortunate/strange....that many if not most SIRI investors don't trust "management". That really sucks and puts me as an investor in a crappy position. SIRI and LMCA need to merge in order for us to get past this uncertainty. Either that or I need to find another core investment to put my money in....can't see being in this stock for much longer if this BS is not put in the rear view.
EDIT: Another offer must be coming soon if not these FKS are going to keep us down for quite some time. With an offer and merge all this buyback crap to reduce the float will be a thing of the past, as a merge will effectively reduce the float on the share swap.....EDIT and Malone can then use the money for reducing LMCA/LMCK float or for other acquisitions...
EDIT: This entire song and dance has probably unfolded exactly as intended. With the converts lingering they were probably not going to reach any deals until those were extinguished. Well, that time is very near, worst case this December. Maybe now is the time to put the true plan into motion.....EDIT and maybe they'll just continue to screw us for another year or so.....
Last edited by denco1; 07-15-2014 at 08:47 PM.
Well Denco....we waited this fn long, whats six more months lol. Unreal.
I think you and I are part of the very few who have stuck it out this long as siri core holdouts go.
Last edited by dm_4; 07-15-2014 at 09:49 PM.