![]() It is advisable for the Buyer to consult us nearer the time of the auction for any updates or revisions to pre-sale estimates.Ĥ. Estimates printed in the sale catalogue are prepared some time before the sale and may be altered by announcement prior to the auction. Pre- sale estimates do not include the Buyer's Premium or VAT. The lower estimate may represent a reserve price which we have agreed with the Seller. The actual Hammer Price realised at auction may be higher or lower than the pre- sale estimate. Pre-sale estimates are intended as a guide to help Buyers gauge approximate prices for the purchase of a particular lot. If a Buyer purchases at auction, the contract of sale is made directly between the Buyer and the Seller.ģ. As auctioneers we act as agent for the Seller whose identity, for reasons of confidentiality, is not normally disclosed to the Buyer. Please refer to clause 1 of the Conditions of Sale if you are unsure about the meaning of a defined term.Ģ. Our staff will be happy to help you if there is anything you do not fully understand. Buyers should carefully read the Conditions of Sale and Terms of Consignment for Sellers prior to bidding at auction, as Bidders and Buyers will be deemed to have accepted these terms and conditions once a bid has been placed. All sales are governed by our printed Conditions of Business, including the Information for Buyers, Conditions of Sale, and the Terms of Consignment for Sellers, which are readily available for inspection in our printed catalogues or in our saleroom. The following informative notes are intended to assist Bidders and Buyers and form part of our Conditions of Business. The New York City-based firm indicated it intends to vote in favor of the capital raise, and subscribe in the rights offering.Īs of July 22, Capital’s portfolio includes 75 communities in 18 states, serving over 7,000 seniors.1. One shareholder that is in favor of the agreement with Conversant is Arbiter Partners Capital Management, which owns almost 14% of common stock. “We believe there are other stockholders like Ortelius who not only oppose this transaction, but also stand ready, willing and able to assist the Company with its near-term capital needs and other strategic initiatives in light of the Company’s tremendous long-term potential,” he said. ![]() Ortelius believes that Capital is not acting in the best interests of all stockholders, especially as Lody stressed to investors during its Q1 2021 earnings call that pressures stemming from Covid-19 are easing, and the company is well-positioned for growth through new programs and rate growth in its communities. If the agreement is approved, Conversant will have the right to designate a pro rata number of directors (rounded to the nearest whole number) for nomination to the board, and for so long as the company beneficially owns at least 20% of the common stock on an as-converted basis, will be entitled to designate the board’s chairperson.The accordion provided by Conversant is to be funded through the issuance of additional preferred stock to Conversant.A $17.3 million promissory note provided by Conversant as interim debt is attached with a headline interest rate of 15% and approximately $2.3 million earmarked to pay Conversant’s costs and expenses, and with a payment premium to give Conversant a capital return of 1.05x to 1.20x on top of accrued interest.Other issues he raises with the agreement include: Since the deal was announced on July 22, Capital Senior Living stock has fallen 40% in trading, and is currently valued at $25.99 per share, which DeSorcy notes in his letter is a discount to the company’s underlying assets. The company did not respond to a request for comment from SHN for this article. ![]()
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