http://news.moneycentral.msn.com/tic...106&id=9355169
Here is information and time & date of conference call: Mon 4:30 pm
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http://news.moneycentral.msn.com/tic...106&id=9355169
Here is information and time & date of conference call: Mon 4:30 pm
Fair Disclosure
Requires full disclosure of material information to all investors at the same time. I'm surprised no one is picking up on this... Sirius telegraphed pretty clearly what is going on here. Read this statement again...
"The company is in discussions with several financial institutions regarding a financing to replace its 2-1/2% Convertible Notes due 2009. In connection with these discussions, the company is releasing the material elements of its five-year operational and financial forecast."
If the company is in discussions with a lendor who is also an equity investor, and they request Sirius' 5-year projections on estimates -- then be law (REG FD) they must release this information to all investors at the same time.
So there is your answer... one of the investors Sirius is in discussion with is already an investor, so they had to make this filing public. And now that it is complete, they can presumably complete the negotiation to refinance the debt -- assuming the lendor is still interested.
I still believe that this $250 million outstanding will be refinanced.
REG FD is the key here... no one picked up on it.
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---- You did.Quote:
Originally Posted by homer985
what is REG FD?
Found it:
The U.S. Securities and Exchange Commission's (SEC's) Regulation Fair Disclosure, also commonly referred to as Regulation FD or Reg FD was an SEC ruling implemented in October 2000 ([1]). It mandated that all publicly traded companies must disclose material information to all investors at the same time.
The regulation sought to stamp out selective disclosure, in which some investors (often large institutional investors) received market moving information before others (often smaller, individual investors).
Regulation FD changed fundamentally how companies communicate with investors, by bringing better transparency and more frequent and timely communications, perhaps more than any other regulation in the history of the SEC.
So your thinking that monday they announce the refi?Quote:
Originally Posted by homer985
can anyone explain why this stock trades so many shares daily…and the pps seems flat?
Pre-Market Trade Reporting
Pre-Market
Last: $ .3047
Pre-Market
High: $ .32
Pre-Market
Volume: 2,076,204
Pre-Market
Low: $ .26
who is doing all the buying or selling?
imromo24
I can't and won't make predictions that the refinancing will get done at all -- or that it would be announced on Monday. But at the same time, if they're at the point of a REG FD disclosure, then they must be pretty far along in the discussions... at least, I would think.
Someone speculated that the interest rate could be tied to the projections - but I don't know the validity to that. Regardless, if a lendor is requiring to know the companies internal top line projections - as well Adj EBITDA and FCf - then they're obviously taking the discussions seriously.
It could get done and announced on Monday, I suppose. But I'm hesitant to suggest that it will. Not with the current state of the debt market.
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Homer
Thank you for your input. It is very helpful to me and others that you share your knowledge and insights during these tough times.
Thanks Homer for sharing your insight. It is appreciated!
Ok, thanks. The timing is interesting and I liked your point that this was a formality that has been passed.
Homer - you are the Man!
Thank you so much for your insight and knowledge.
DEMIAN...
Your buddy at motley was cruel again today...I read your comments when he posts siri news...he must do it intentionally now to taunt you to see how you comment.
I have no buddies at The Motley Fool....Quote:
Originally Posted by SiriusHope
I wouldn't be surprised if they started deleting my comments under their articles pretty soon....
DEMIAN...what do you think about this?
i found this post…make any sense?
This will be the first SIRI Conference Call I can remember to be held after hours rather than in the morning. I think there are two possible explanations….. Common wisdom has always been that you reveal good news in the morning, to affect trading, and delay bad news until after hours. That doesn’t seem to fit this time since earnings will be revealed in the morning, revenue and EBITDA guidance is holding up, and slowing sub growth has already been disclosed….. The other, and perhaps more likely explanation is that something significant is scheduled for Monday and SIRI wants to command attention when they make the announcement. Could that be refinancing, particular after the strange timing of the announcement of projections?
I’m clinging to the hope that Mel is setting a trap for shortie. New financing should do the trick.
Great Strategy by the CEO?
The shorties will start thinking tonite!
Doesn't Mel seem to report good news in the morning? I would have to guess that a 4:30 call would not be held to announce great news. I don't think it will be bad news...just nothing that would cause any pops. Hope I'm wrong.
I don't know if you can read into the timing of the CC too much. Lots of companies have their calls after the bell. There is more likely to be a short squeeze in AH than during regular trading.....IMO.
I don't know what goes into the scheduling of the call after the bell vs. before the bell. You can speculate, but I wouldn't read into it too much. Good and bad news is reported before the bell and after the bell all of the time....
Apple always has their calls after the bell.
Will be a long weekend and long monday to wait for the CC...just hope it pays off in some way and we begin the climb back to .75-1.00 the next few weeks. I am being hopeful we can be back to a 1.00 by end of 2008.
you think so Demian?
The report stated, “The lowered subscriber outlook reflects both the weak auto market and a higher saturation of natural demand for the product, in our view.
Would this statement seem to reflect on lower auto sales or lack of consumer interest?
Boy, I hope so SiriusHope........I really hope so.Quote:
Originally Posted by SiriusHope
I am pretty confident that SIRI will recover. I really believe that the current stock price is mostly due to short term manipulation, in spite of the horrible market, and it will be manipulated back up......IMO.