Planet Payment (PLPM) Tender Offer with Odd-Lot Provision (-8% to 3.4% Upside)

  • Company: Planet Payment Inc.
  • Ticker: PLPM
  • Market Cap: $180mm
  • Size of Action: <$15mm
  • Type of Transaction: Auction Tender Offer with Odd-Lot Provision
  • Current Price: $3.48
  • Exchange Price: $3.20-$3.60
  • Potential Gain (%):  -8% to 3.4%
  • Expiration: Midnight April 11, 2016
  • Tender Limit (Shares): 99
  • Max Investment ($): $344 per investment account
  • Max Gain ($): $12 per investment account
  • Sec Filing: Link
  • Summary: Planet Payment (PLPM) is buying up to $15mm of its shares between $3.20 and $3.60. 
  • Source of Funds: $15mm cash, $20mm credit facility available. Company intends to use ~$5mm cash and the remainder in the credit facility.
  • 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in "odd lots" (99 or fewer shares) that have been validly tendered at or below the Purchase Price (and not validly withdrawn prior to the Expiration Time) (tenders of less than all of the shares owned, beneficially or of record, by such "odd lot" stockholders will not qualify for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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