Nicholas Financial (NICK) Tender Offer with “Odd Lot Provision”

  • Company: Nicholas Financial
  • Ticker: NICK
  • Market Cap: 183mm
  • Size of Action: >$70mm (~39% of S/O)
  • Type of Transaction:  Tender Offer with "Odd Lot" Provision
  • Current Price: $14.91
  • Exchange Price: $14.60-$15.60
  • Potential P/L (%): -2% to 5%
  • Expiration: 5pm March 13th, 2015
  • Tender Limit (Shares): 99
  • Max Investment ($): ~$1,500
  • Max Gain ($): ~$70
  • Sec Filing: Link
  • Summary: Nicholas Financial (NICK) is looking to buy $50-70mm of its shares (~39% of S/O) via a dutch tender offer with an odd-lot provision. The tender offer will be funded via a credit facility that has $96mm in capacity. The credit facility was amended and expanded on 1/30/15.
  • Odd Lots:  ...we will purchase all Shares tendered at or below the Final Purchase Price on a pro rata basis, except for “odd lots” (of less than 100 Shares), which we will purchase on a priority basis...
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