JEF - Jefferies Group

[OracleofCarolina]

http://www.sec.gov/Archives/edgar/data/96223/000119312514195955/d728050dex99.htm

Slides for today's annual meeting.

[ajc]

http://www.sec.gov/Archives/edgar/data/96223/000119312514195955/d728050dex99.htm

Slides for today's annual meeting.

Thanks.

[scorpioncapital]

They seem to be getting active. They own about a half billion of Harbinger. KCG was not mentioned in the slides, probably cause it's held by Jefferies Group subsidiary but they own about 20% of that. I see at least 1 billion of new investments. Expect Lake Charles announcement this year regarding commencement of construction and final funding as per http://lakecharlescleanenergy.com/wp-content/uploads/2014/03/LCCE-Timeline.jpg . I estimate this project is worth at least 2-3 billion.

[tiddman]

They show HomeFed with a value of $226 million.  They own 9.4 million shares, so that is about $24/share.  HOFD is currently at $51/sh making their stake worth more like $479 million, unless I'm missing something.

[tiddman]

I count $660M of new investments since March 2013 not including KCG.  Wonder why they didn't mention KCG?  They mention other new investments as small as $5M.

[scorpioncapital]

It's tucked away in Jefferies trading assets - "We have elected the fair value option for Jefferies investment in Knight Capital Group, Inc., acquired by Jefferies during 2012.  On July 1, 2013, Knight Capital completed its previously announced merger with GETCO Holding Company, LLC; as a result KCG Holdings, Inc. became the new public parent of both entities.  Although no longer subject to the equity method of accounting, KCG Holdings continues to be accounted for at fair value consistent with the election made for all of Jefferies trading assets.  The change in the fair value of this investment was $(1.0) million for the three months ended March 31, 2014."

Jefferies owns 22.5m shares or 19.6% of KCG

[OracleofCarolina]

I realize the Juneau Energy is tiny, but kind of neat they are working with Juneau.  I use to follow/own Contango and Juneau was Ken Peak's partner in that company.

[greenwave]

I realize the Juneau Energy is tiny, but kind of neat they are working with Juneau.  I use to follow/own Contango and Juneau was Ken Peak's partner in that company.

----------------

Just noticed at least one “insider “ is confident that Leucadia is a good value at current prices.

Francisco Borges  ( Director) bought 10,000 shares at $25.58 totaling $ 255,777  today  (May 14 , 2014) .

greenwave

[Grenville]

I realize the Juneau Energy is tiny, but kind of neat they are working with Juneau.  I use to follow/own Contango and Juneau was Ken Peak's partner in that company.

----------------

Just noticed at least one “insider “ is confident that Leucadia is a good value at current prices.

Francisco Borges  ( Director) bought 10,000 shares at $25.58 totaling $ 255,777  today  (May 14 , 2014) .

greenwave

Good catch! Thanks for posting.

[thepupil]

Some recent things:

LUK tried to buy Depfa
http://www.reuters.com/article/2014/05/13/idUSWEB00N5N20140513

Jana Partners put 2.5% of their portfolio in LUK, 7.7MM shares, which makes them the 2nd largest non-indexer shareholder. Haven't really seen any commentary in press  and I don't think Jana has said anything publicly.

http://whalewisdom.com/stock/luk

Don't think activism is necessary here, but I wouldn't mind them getting bigger in LUK and ruffling some feathers (HOFD spin/share swap, Berkadia monetization, something to highlight the energy assets/optionality there). But I think Rosenstein is probably  just in this as an OPMI.

Anyways, LUK looks cheap here.