giofranchi Posted September 16, 2013 Share Posted September 16, 2013 Today I already see on my firm’s bank account not only the BH shares I should have received through regular subscription, but also all the shares I could have received through oversubscription… Is this possible?! ??? giofranchi Link to comment Share on other sites More sharing options...
ragu Posted September 16, 2013 Share Posted September 16, 2013 Today I already see on my firm’s bank account not only the BH shares I should have received through regular subscription, but also all the shares I could have received through oversubscription… Is this possible?! ??? giofranchi, I'd say unlikely seeing as the representative at my brokerage said it'd be around 2 weeks after the offering closed before the shares are allotted (and I checked, the shares from the rights aren't there for me yet). Yet, you see yours. Interesting. Just out of curiosity, what % of shares (based on what was potentially available to you) did you get from the over-allotment? Best, Ragu Link to comment Share on other sites More sharing options...
Guest wellmont Posted September 16, 2013 Share Posted September 16, 2013 Today I already see on my firm’s bank account not only the BH shares I should have received through regular subscription, but also all the shares I could have received through oversubscription… Is this possible?! ??? giofranchi that's a placeholder showing your total possible exposure. if you don't get all the over subscribed shares you will get rebated. Link to comment Share on other sites More sharing options...
giofranchi Posted September 16, 2013 Share Posted September 16, 2013 Just out of curiosity, what % of shares (based on what was potentially available to you) did you get from the over-allotment? Best, Ragu 100% of the over-allotment!! There surely must be something wrong… Yet I don’t see the Rights anymore… Instead, I see all the shares!! I also thought the shares would be allotted 2 weeks after the closing of the offering, because that’s exactly what was written on the prospectus too… It is probably my bank that is messing something up… >:( What a pity!! giofranchi Link to comment Share on other sites More sharing options...
giofranchi Posted September 16, 2013 Share Posted September 16, 2013 that's a placeholder showing your total possible exposure. if you don't get all the over subscribed shares you will get rebated. Ah! Ok! That makes sense. Thank you wellmont! :) giofranchi Link to comment Share on other sites More sharing options...
dcollon Posted September 17, 2013 Share Posted September 17, 2013 Biglari Holdings Inc. News Release Tuesday, September 17, 2013 11:00:00 AM (GMT) SAN ANTONIO, TX, Sept. 17, 2013 /PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH) ("Biglari Holdings" or the "Company") announced the completion of its previously announced rights offering, which expired at 5:00 p.m. (New York City time) on September 16, 2013. Preliminary results indicate that the rights offering was over-subscribed. As a result, Biglari Holdings expects to receive net proceeds of approximately $75.7 million from the offering. Following the issuance of the newly subscribed shares, which is expected to occur within seven to 10 business days after the expiration date, Biglari Holdings will have approximately 1,720,602 shares outstanding. If you requested and paid for more shares of common stock than are allocated to you pursuant to your oversubscription privilege, Biglari Holdings will refund that overpayment, without interest. Link to comment Share on other sites More sharing options...
ragu Posted September 17, 2013 Share Posted September 17, 2013 As a result, Biglari Holdings expects to receive net proceeds of approximately $75.7 million from the offering. [...]Biglari Holdings will have approximately 1,720,602 shares outstanding. Selling for about 1.2 times book by my calculation using this and information from the last quarterly report (and ignoring increase in CBRL stock since that report). It'd be interesting to see BH's acquisition with this capital raise. Best, Ragu Link to comment Share on other sites More sharing options...
giofranchi Posted September 17, 2013 Share Posted September 17, 2013 As a result, Biglari Holdings expects to receive net proceeds of approximately $75.7 million from the offering. [...]Biglari Holdings will have approximately 1,720,602 shares outstanding. Selling for about 1.2 times book by my calculation using this and information from the last quarterly report (and ignoring increase in CBRL stock since that report). It'd be interesting to see BH's acquisition with this capital raise. Best, Ragu In a previous post on page 23 of this thread I had calculated 1.17 x BVPS... ;) giofranchi Link to comment Share on other sites More sharing options...
wescobrk Posted September 17, 2013 Share Posted September 17, 2013 Anyone read his latest letter to cbrl? Very entertaining read. He holds nothing back. Calls management asinine several times. I find his persistence to be very impressive. Link to comment Share on other sites More sharing options...
wescobrk Posted September 17, 2013 Share Posted September 17, 2013 Here is the link http://www.sec.gov/Archives/edgar/data/1067294/000092189513001908/ex991to13da2507428021_091713.htm Link to comment Share on other sites More sharing options...
giofranchi Posted September 17, 2013 Share Posted September 17, 2013 Here is the link http://www.sec.gov/Archives/edgar/data/1067294/000092189513001908/ex991to13da2507428021_091713.htm Thank you for posting! :) giofranchi Link to comment Share on other sites More sharing options...
dcollon Posted September 17, 2013 Share Posted September 17, 2013 I'm somewhat confused. Does Sardar think management and the board are doing a good job? ;) Thanks for posting the letter. Link to comment Share on other sites More sharing options...
wescobrk Posted September 17, 2013 Share Posted September 17, 2013 I believe from an operational standpoint he said they are doing a reasonable job but from a capital allocation standpoint they are being asinine:) Link to comment Share on other sites More sharing options...
wescobrk Posted September 17, 2013 Share Posted September 17, 2013 "It'd be interesting to see BH's acquisition with this capital raise." Hello Ragu, I'd be surprised if it isn't unam. I wasn't able to make the meeting in April but I heard he said he guarantees they have an insurance company within 2 years. It should be unam and I would expect an announcement within 90 days for around 1.3x book. Link to comment Share on other sites More sharing options...
dcollon Posted September 17, 2013 Share Posted September 17, 2013 wescobrk, Thanks for your reply. I was joking, sorry it didn't come across that way. Aside from Mr. Loeb, I haven't read any letters quite this direct. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted September 17, 2013 Share Posted September 17, 2013 http://www.denverpost.com/breakingnews/ci_23927800/undercover-steak-n-shake-customer-testifies-he-was Link to comment Share on other sites More sharing options...
APG12 Posted September 17, 2013 Share Posted September 17, 2013 This disagreement keeps garnering attention. Seems like an immaterial distraction to me but, I do tend to side with Biglari on this issue. Link to comment Share on other sites More sharing options...
wescobrk Posted September 17, 2013 Share Posted September 17, 2013 wescobrk, Thanks for your reply. I was joking, sorry it didn't come across that way. Aside from Mr. Loeb, I haven't read any letters quite this direct. Sorry dcollon, I had a Sheldon from Big Bang theory moment there. Link to comment Share on other sites More sharing options...
giofranchi Posted September 18, 2013 Share Posted September 18, 2013 Here is the link http://www.sec.gov/Archives/edgar/data/1067294/000092189513001908/ex991to13da2507428021_091713.htm Frankly, it seems to me a fantastic letter and, which is more important, a very good and lucrative idea! ;) giofranchi Link to comment Share on other sites More sharing options...
Guest wellmont Posted September 24, 2013 Share Posted September 24, 2013 looks like rights offering was fully subscribed. no over subscription granted. or else I need a new broker. :) Link to comment Share on other sites More sharing options...
Redskin212 Posted September 24, 2013 Share Posted September 24, 2013 I actually got 4 additional shares or an extra 10% allocation. I use Fidelity. Link to comment Share on other sites More sharing options...
gg Posted September 24, 2013 Share Posted September 24, 2013 I use Fidelity too, but got no additional shares Link to comment Share on other sites More sharing options...
Gopinath Posted September 24, 2013 Share Posted September 24, 2013 Strange, I got 2 shares from over-subscription which is 6.6% over allocation! Link to comment Share on other sites More sharing options...
ragu Posted September 24, 2013 Share Posted September 24, 2013 looks like rights offering was fully subscribed. It wasn't (and the press release from BH after the offering closed said as much). FWIW, I got a 13.7% allotment via the exercise of my over-subscription privileges (and I exercised about 89% of my over-subscription privileges). Best, Ragu Link to comment Share on other sites More sharing options...
Guest wellmont Posted September 24, 2013 Share Posted September 24, 2013 I don't see any press releases. I was due a fractional share only... Link to comment Share on other sites More sharing options...
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