Author Topic: ADVC - Advant-e Corp.  (Read 23863 times)

portfolio14

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Re: ADVC - Advant-e Corp.
« Reply #20 on: August 06, 2013, 07:30:53 PM »
Anyone knows what's going on? Up 17% in 2 weeks.


PSDFinancier

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Re: ADVC - Advant-e Corp.
« Reply #21 on: September 27, 2013, 02:20:53 PM »
Don't know that there was any news in particular...think someone noticed how good the business is on a FCF and ROIC/ROE basis when you spread the financials and started buying. I really wish these guys weren't going private...kind of a shame given how good performance has been, and how much of a pain it will be to keep track of going forward

alpha23

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Re: ADVC - Advant-e Corp.
« Reply #22 on: April 24, 2014, 01:06:02 PM »
Advant-e declared a $.02 / share dividend and $1.2M share repurchase plan today: http://www.advant-e.com/press/2014/042414.html

I notice that I am much less comfortable with this company since they have "gone dark" ( http://www.advant-e.com/press/2013/050113.html ), despite the fact that in my opinion, they have a superior business model and are a rare example of "network effect". I am still holding shares (and they have appreciated considerably since my initial purchase / add), just not as much conviction.

Does anyone on the board have experience with innovative ways to track companies that have gone dark?

Cheers,
Paul

ItsAValueTrap

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Re: ADVC - Advant-e Corp.
« Reply #23 on: April 24, 2014, 01:14:07 PM »
Going dark makes sense though.  The overhead costs associated with being publicly listed is a drag on performance.  The overhead is in the ballpark of 1%/year of ADVC's market cap.
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alpha23

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Re: ADVC - Advant-e Corp.
« Reply #24 on: April 24, 2014, 01:19:36 PM »
Going dark makes sense though.  The overhead costs associated with being publicly listed is a drag on performance.  The overhead is in the ballpark of 1%/year of ADVC's market cap.

Right, from an operating perspective, I'm all for it. I am just wondering how to keep tabs on the company now.

Hielko

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Re: ADVC - Advant-e Corp.
« Reply #25 on: April 24, 2014, 02:26:08 PM »
Does it really matter if a company reports 4 times/year or just once?

I think you need to give management a little bit of trust, and the fact that they are willing to pay dividends and buyback shares are imo a good indication that this is a management team that you can trust.

alpha23

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Re: ADVC - Advant-e Corp.
« Reply #26 on: April 24, 2014, 04:01:58 PM »
Does it really matter if a company reports 4 times/year or just once?

I think you need to give management a little bit of trust, and the fact that they are willing to pay dividends and buyback shares are imo a good indication that this is a management team that you can trust.

Is there a once-a-year filing requirement for companies that file a Form 15? As far as I can tell, filing Form 15 relieves the company of the requirement to file 10-Ks as well as Qs, etc. I would be reasonably satisfied with just 10-Ks. As far as management, I am more of a "trust, but verify" sort of investor.

Quote
Obligations in the 90 day period prior to effectiveness of deregistration. Obligations to file Form 10-Ks, 20-Fs, 10-Qs, 8-Ks and 6-Ks, as applicable to a particular issuer, are suspended immediately upon filing of the Form 15. However, other Exchange Act filing obligations continue during the 90 day period following the filing of the Form 15 (or Form 25 to deregister under Section 12(b)). Foreign private issuers that were previously registered under Section 12(b) or 12(g) will continue to be subject to Section 13(d) and Section 13(e) requirements, which includes the very onerous going private Rule (Rule 13e-3) during the 90 day period. U.S. issuers (or non-U.S. issuers that fail to qualify as foreign private issuers) will also continue to be subject to the proxy rules and Section 16 reporting and short swing profit requirements. Issuers that were reporting only under Section 15(d)óbecause they have had an effective registration statement (e.g., covering debt securities)ówould not be subject to these additional requirements during the 90 day period.


Hielko

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Re: ADVC - Advant-e Corp.
« Reply #27 on: April 24, 2014, 04:55:49 PM »
Does it really matter if a company reports 4 times/year or just once?

I think you need to give management a little bit of trust, and the fact that they are willing to pay dividends and buyback shares are imo a good indication that this is a management team that you can trust.

Is there a once-a-year filing requirement for companies that file a Form 15? As far as I can tell, filing Form 15 relieves the company of the requirement to file 10-Ks as well as Qs, etc. I would be reasonably satisfied with just 10-Ks. As far as management, I am more of a "trust, but verify" sort of investor.

Quote
Obligations in the 90 day period prior to effectiveness of deregistration. Obligations to file Form 10-Ks, 20-Fs, 10-Qs, 8-Ks and 6-Ks, as applicable to a particular issuer, are suspended immediately upon filing of the Form 15. However, other Exchange Act filing obligations continue during the 90 day period following the filing of the Form 15 (or Form 25 to deregister under Section 12(b)). Foreign private issuers that were previously registered under Section 12(b) or 12(g) will continue to be subject to Section 13(d) and Section 13(e) requirements, which includes the very onerous going private Rule (Rule 13e-3) during the 90 day period. U.S. issuers (or non-U.S. issuers that fail to qualify as foreign private issuers) will also continue to be subject to the proxy rules and Section 16 reporting and short swing profit requirements. Issuers that were reporting only under Section 15(d)óbecause they have had an effective registration statement (e.g., covering debt securities)ówould not be subject to these additional requirements during the 90 day period.
They are not required to file a form 10-K, but you are entitled to some sort of annual report if you are a shareholder.

alpha23

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Re: ADVC - Advant-e Corp.
« Reply #28 on: May 09, 2014, 12:05:42 PM »
Annual letter and 2013 performance results attached.

6% revenue increase vs 2012 and 20% earnings increase. Looking solid, and earnings are double what they were in 2010, margins continuing upward march.


ItsAValueTrap

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Re: ADVC - Advant-e Corp.
« Reply #29 on: May 10, 2014, 10:46:29 AM »
How do you get the shareholder letter and annual report?

They don't seem to publish it on the website.
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price. " -Buffett

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