Tuesday, June 30, 2009

Almost Done Deal FOR REAL With Nova Chemicals / IPIC

So there’s a small delay in the closing of the Nova Chemicals (Ticker: NCX) / IPIC deal. Nova Chemicals issued a press release stating that they expect Investment Canada to issue their decision on July 6th. It’s not a big deal, but time is money!

I’ve been nibbling at some Sun Microsystems (Ticker: JAVA) recently. I picked up some shares at $9.16 on June 23rd and $9.05 on June 26th. This is a very solid deal with the $9.50 per share offer from Oracle (Ticker: ORCL). I just have a small position right now, but will probably increase with the right price.

Thursday, June 25, 2009

Legacy Reserves LP = No Deal

Yesterday, Legacy Reserves LP (Ticker: LGCY) rejected the going private proposal from Apollo Management. Apollo Management made the proposal in April for $14 per share adjusted for distribution pay outs. I picked up a few shares in April for $13.10 per share. I received one pay out of $0.52 per share, which equates to a cost basis of $12.58. The stock gapped down on the news, but closed strong. Today, the stock continued to rally to close at $13.00 per share. Apollo Management was clearly trying to get this on the cheap, when the price of oil was depressed. Now that the oil has rebounded, the company put in some nice hedges. The payout of $0.52 per share / quarter will continue...Not a bad yield. Now you can see why the shares are rallying. I'm going to hang on to this one for now.

Investment Canada is really taking their time to give the ok for IPIC to purchase Nova Chemicals (Ticker: NCX)... What's up with that!? Anyways, we should hear any day now.

Thursday, June 04, 2009

A Bit More Nova Chemicals

I’ve continued to nibble on more Nova Chemicals (Ticker: NCX). IPIC just raised ~ $5.5 billion from the sale of Barclays. They have the cash on hand to close this deal. Just waiting for the government approvals. Here are the recent nibbles:

6/2/09 Bought .1X @ $5.85
6/2/09 Bought .3X @ $5.85
6/4/09 Bought .6X @ $5.84