Jimi Posted February 21, 2009 Report Share Posted February 21, 2009 From the crew that runs my workplace: FOSTER CITY, Calif.--(BUSINESS WIRE)--Electronics For Imaging, Inc. (Nasdaq:EFII), the world leader in customer-focused digital printing, announced today that its Board of Directors has approved a $100 million share repurchase program, including a $30 million accelerated share repurchase (the ?ASR?), utilizing a portion of proceeds from the recently announced sale of the Company?s real estate in Foster City. The new share repurchase authorization replaces the previously approved share repurchase program, including a remaining amount of approximately $33 million that was available for repurchases under such program. The Company also announced that it entered into an agreement (the ?ASR Agreement?) with UBS AG, London Branch (?UBS?) to repurchase $30 million of its common stock under the ASR. The final number of shares to be repurchased under the ASR will be determined based on market prices of the Company?s common stock during the term of the ASR Agreement. As a result of entering into the ASR, the Company expects that, during the term of the ASR, UBS will be purchasing the Company?s common stock in the market. The Company expects to complete the repurchases under the ASR in the second or third quarter of 2009, with the final completion date subject to the discretion of UBS. The repurchased shares will be held as treasury stock. ?We are very pleased to deliver on our commitment to monetize our real estate assets, which was a key element of our strategy to restore shareholder value,? said Guy Gecht, CEO of EFI. ?With the real estate deal completed we are moving forward in returning cash to our shareholders with this new share repurchase program.? How does a share buyback "return cash" to shareholders, unless it is a rescue for institutional bagholders? The real estate sale was a good one, $137 million. Unfortunately $100 million will be wasted on the share buyback. Many employees asked why in these difficult economic times so much money would be spent on share buybacks. Answers were not to anyone's liking. Depending on the stock price in the buyback period this could represent perhaps 15 to 25% of the total float. The whole restoring value to shareholders thing is kinda of weird. The real estate sale was a one trick pony, unless the HQ building is sold too. What happens if the stock tanks with the rest of the market? Oops, doesn't seem like that was thought about too hard. What a total load of malarkey. If they wanted so much "to return cash to shareholders," they could have declared a one-time cash dividend equivalent to the sum of the proceeds. My guess is this is a bunch of ruthless insiders seeking to prop purchase of equities in the public markets into which they can dump their vested options. Here's another guess: in exchange for this bidniz, UBS has assured said-insiders with certain specific price-commitments on those insider sales. Link to comment Share on other sites More sharing options...
Jimi Posted February 21, 2009 Report Share Posted February 21, 2009 Looks to me like Blum Capital Partners holds a lot of it: http://finance.yahoo.com/q/it?s=EFII Link to comment Share on other sites More sharing options...
prancing_cow Posted February 21, 2009 Report Share Posted February 21, 2009 Santelli going ape sh^t on Krudlow's show..... Just tossed his print out of the Homeowner bailout act into the air... Housing Bailout Examples....what a crock Housing Plan Fact Sheet Q&A Trader Joe Predict-O-Ball The number of folks that will qualify for this stoopid f^^king program is going to be ASTONISHINGLY LOW.....a complete embarassment....and my guess, based on what we have seen to date, the first of many..... _________________________ "Hey Honey.....you know that job you were gonna quit in June.....quit now so we can get the govi refi.....then go back to work after we get the new rate locked in.......meanwhile we can sip ice tea on the front porch while those idiots accross the street struggle to do the right thing and pay on their current mortgage.....IDIOTS.....told them they should have only put 5% dow....BWAHAHAHA" That's exactly what I have been saying too, "Hey Honey" story is so obvious - bring my rate to 31% of single income and then get a second income, even if not right away they will still save hundreds. Link to comment Share on other sites More sharing options...
roxy Posted February 21, 2009 Report Share Posted February 21, 2009 While indices traded on regular bearish programming for some stocks today was a significant bottom. For example PSY closed 18% (wow!) above intraday low. Link to comment Share on other sites More sharing options...
roxy Posted February 21, 2009 Report Share Posted February 21, 2009 PFF closed 20% above intraday low. If you know why tell me. Link to comment Share on other sites More sharing options...
capitall Posted February 21, 2009 Report Share Posted February 21, 2009 PFF closed 20% above intraday low. If you know why tell me. It's because an artificial low was made today when the rumors of nationalizing banks were floating around. Then it popped back up due to some statements from government officials that sounded like they did not plan to nationalize banks (thus zeroing out the common and the preferred stocks of those banks.) PFF was up less than 4% today-- not even making back all of Thursday's losses-- and it has been going down all week, all month, all year, and for quite some time. Huge drops based on apparently false rumors may see a quick bounce back, once the rumor is quashed. But that doesn't necessarily mean the stock won't continue down next week. Time will tell. Link to comment Share on other sites More sharing options...
T_Slim Posted February 21, 2009 Report Share Posted February 21, 2009 keeping a close eye on euro/usd going into sunday . . . dollar index looks bearish and euro chart looks bullish . . . Fx or Kwave what do you see? Link to comment Share on other sites More sharing options...
twignberries Posted February 21, 2009 Report Share Posted February 21, 2009 Anyone thinking of biting some RIMM as it approaches $35? Link to comment Share on other sites More sharing options...
mdporter Posted February 21, 2009 Report Share Posted February 21, 2009 What a total load of malarkey. If they wanted so much "to return cash to shareholders," they could have declared a one-time cash dividend equivalent to the sum of the proceeds. My guess is this is a bunch of ruthless insiders seeking to prop purchase of equities in the public markets into which they can dump their vested options. Here's another guess: in exchange for this bidniz, UBS has assured said-insiders with certain specific price-commitments on those insider sales. This was what I was thinking too. Every conference call I've ever listened to, the "anal cysts" have always asked when the company would use cash reserves to buy back stock. My feeling is that some large groups of corporate holders (like Blum as you noted) may have presented management a "do this or else" ultimatum, and management is now doing what they've been told to do. According to my scottrade research, only one insider has ever purchased a large block of company stock on the open market with his own money. The ceo bought 30,000 shares last year at $13 and change, he's underwater by about $110k now. He can afford the loss as he's made millions from options shares. Link to comment Share on other sites More sharing options...
T_Slim Posted February 21, 2009 Report Share Posted February 21, 2009 Anyone thinking of biting some RIMM as it approaches $35? it should be real interesting when it hits that level . . . Link to comment Share on other sites More sharing options...
Charmin Posted February 21, 2009 Report Share Posted February 21, 2009 http://wallstreetexaminer.com/2009/02/20/f...sional-edition/ Celente__s_collapse.mp3 Link to comment Share on other sites More sharing options...
4shzl Posted February 21, 2009 Report Share Posted February 21, 2009 They're HAAAAPY in DipperLand tonight: "Gap up on Monday, island reversal, etc. etc." Quite amazing really. Link to comment Share on other sites More sharing options...
BusKow Posted February 21, 2009 Report Share Posted February 21, 2009 Tuesday breakout in 52wk lows now has moved to highest level this year Link to comment Share on other sites More sharing options...
howard in nyc Posted February 21, 2009 Report Share Posted February 21, 2009 Looks to me like Blum Capital Partners holds a lot of it:http://finance.yahoo.com/q/it?s=EFII ah, richard blum. i remember that dude. high powered private equity firm. married to a us senator, right? i had no idea he was still around. the wiki rundown. Link to comment Share on other sites More sharing options...
Dharmaeye Posted February 21, 2009 Report Share Posted February 21, 2009 Yea I am holding few of these energy bags too. Including HTE. It all depends on where the energy price will be. If it won't recover to 50-60$ oil equiv by summer the dividents will be gone IMHO. And I give a 51% probability that it will recover Its got a fair amount of debt but has a lot of upstream with a cash cow of selling deisel to Europe from its east coast refinery. Refiners are doing well right now. Link to comment Share on other sites More sharing options...
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