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in "odd lots" (99 or fewer shares) that have been validly tendered at or below the Purchase Price (and not validly withdrawn prior to the Expiration Time) (tenders of less than all of the shares owned, beneficially or of record, by such "odd lot" stockholders will not qualify for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); ...
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