Asta Funding (ASFI) Auction Tender Offer with Odd-Lot Provision

  • Company: Asta Funding
  • Ticker: ASFI
  • Market Cap: $121mm
  • Size of Action: up to $30.8mm
  • Type of Transaction: Auction Tender Offer with Odd-Lot Provision
  • Current Price: $9.50-$10.25
  • Exchange Price: $10.03
  • Potential Gain (%): -5.3% to 2.2%
  • Expiration: 5pm May 12, 2016
  • Tender Limit (Shares): 99
  • Max Investment ($): $993
  • Max Gain ($): $1,015
  • Sec Filing: Link
  • Summary:  Asta Funding (ASFI) is offering to buy up to $3mm of its shares between $9.50 and $10.25. Previously, an activist, Mangrove Partners, offered to buy 3mm shares at $9.00 but Asta improved on the offer.
  • Source of Funds: $23mm in cash and $55m in securities available for sale.
  • Odd Lot Provision:  ....First, all shares owned in "odd lots" (99 or fewer shares) that have been validly tendered at or below the Purchase Price (and not validly withdrawn prior to the Expiration Time) (tenders of less than all of the shares owned, beneficially or of record, by such "odd lot" stockholders will not qualify for this preference); ...
  • All information contained on or available through this Web Site (“the Content”) is for general information purposes only and does not constitute any investment advice.
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