Author Topic: JEF - Jefferies Group  (Read 595637 times)

matjone

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Re: JEF - Jefferies Group
« Reply #450 on: November 28, 2012, 12:15:45 PM »
 My broker  says the last dividend was on 11/15 and no other dividends have been declared.  So they haven't declared one, but I don't know if that means they won't pay one.  If they stay on schedule they will pay one.  So the formula if you value crimson at BV is

LUk price-0.25-0.81 = (JEF price -.075)/.81

that's without doing any time discounting of course.

Is that how the rest of you have it figured?

The people who bought JEF at 11 after the MF global scandal certainly got LUK  cheap, assuming the deal goes through.
When stocks are high, money rates rising, and business prosperous, at least half a given fund should be placed in short-term bonds. - Philip Carret


ShahKhezri

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Re: JEF - Jefferies Group
« Reply #451 on: November 28, 2012, 12:40:37 PM »
I'm assuming once the merger is closed 1Q13, the dividend will be .0625/quarter.  This will be the last 0.25 dividend. 

"Leucadia's Board of Directors has indicated its intention to continue to pay dividends at the annual rate of $0.25 per common share, but on a quarterly basis following the merger."

Quote
Sachin Shah
Analyst, Tullett Prebon Financial Services LLC Q
I just wanted to follow up on the dividend question, so you guys – just to be clear – you guys are going to be
continuing your dividend policy until the deal gets completed

Richard B. Handler
Chairman & Chief Executive Officer, Jefferies Group, Inc. A
Jefferies will continue its dividend policy and Jefferies' board will decide – and Leucadia's board will decide their
dividend policy, but we're giving guidance that we're thinking maintaining it at $0.25 on a quarterly basis.

I already owned LUK, post announcement I purchased JEF because if you assume that Crimson is spun off and there will be a large shareholder base that may sell the position, that should have some discount to it.  I have my doubts on how long Crimson stays public.

matjone

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Re: JEF - Jefferies Group
« Reply #452 on: November 28, 2012, 01:15:37 PM »
Ok thanks for posting that.  I just realized I wasn't very clear in my last post, but I was talking about the JEF dividend and not the LUK dividend.  Looks like buying JEF is the cheaper way to buy, but not by much.
When stocks are high, money rates rising, and business prosperous, at least half a given fund should be placed in short-term bonds. - Philip Carret

compoundinglife

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Re: JEF - Jefferies Group
« Reply #453 on: November 28, 2012, 01:35:10 PM »
I already owned LUK, post announcement I purchased JEF because if you assume that Crimson is spun off and there will be a large shareholder base that may sell the position, that should have some discount to it.  I have my doubts on how long Crimson stays public.

I don't know much about wine other than reading about Crimson in the annual reports, but I have a friend who is a "Master of Wine" http://en.wikipedia.org/wiki/Master_of_Wine. I have some time scheduled with him to get his opinion on their products and their reputation. Will be interested to see how it trades.

Shane

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Re: JEF - Jefferies Group
« Reply #454 on: November 28, 2012, 01:59:44 PM »
It seems everyone is taking Crimson at book value, but I wonder if it is not reasonable to expect them to be spun off at a premium to BV  They will now be selling 200k cases of wine after their expansion.  I bought LUK but am of the same opinion of Shahkhezri.  I'll likely sell Crimson immediately and look to buy back if it becomes a value play.

FWIW: TWE sells at 2xBV
« Last Edit: November 29, 2012, 07:10:54 AM by Shane.Smith »

biaggio

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Re: JEF - Jefferies Group
« Reply #455 on: November 28, 2012, 02:41:56 PM »
http://business.financialpost.com/2012/11/28/inmet-rejects-first-quantum-bid/

Inmet rejects First Quantum takeover bid (at $70 per share)

LUK owns 5.6 million shares

Parsad

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Re: JEF - Jefferies Group
« Reply #456 on: November 28, 2012, 02:46:57 PM »
No man is a failure who has friends!

biaggio

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Re: JEF - Jefferies Group
« Reply #457 on: November 28, 2012, 03:33:12 PM »
More good news for LUK/JEF

http://blogs.wsj.com/deals/2012/11/28/knight-deal-could-add-to-jefferies-windfall-as-lead-rescuer/?mod=WSJBlog&mod=

Jefferies Group Inc. stands to collect a big return for its dual role as embattled Knight Capital Group Inc.’s lead rescuer and now financier to its possible new owner, Getco LLC.


Courtesy of Jefferies
The projected windfall, which could be about $184 million–including advisory fees Knight previously paid Jefferies–reflects mark-to-market gains from Jefferies’ initial $125 million investment in Knight more than three months ago.

Jefferies would also be providing about $950 million in financing to Getco in the Knight deal, according to people familiar with the situation.

txlaw

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Re: JEF - Jefferies Group
« Reply #458 on: November 28, 2012, 03:34:54 PM »
And I suppose the deal will close after the LUK/JEF transaction does, making the gains tax free?

Sportgamma

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Re: JEF - Jefferies Group
« Reply #459 on: November 28, 2012, 05:09:09 PM »
Inmet turns down First Quantum bid, adopts rights plan
* Inmet says offer values company at C$70 a share

* Inmet says First Quantum bid not in shareholders' best interests

* Inmet shares close up 17.65 percent at C$62 on TSX

http://www.reuters.com/article/2012/11/28/inmet-firstquantum-idUSL1E8MSBGS20121128?feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews&rpc=43