|
Investment
Alternatives
Forum websites have been
established for attention to
appraisal rights demanded in
relation to these buyouts:
Dell Inc.
(AVR management was available)
Schuff International Inc.
(AVR management available to
reserved Participants)
Realization of
Intrinsic Value in Buyouts
with
Appraised Value Rights
The
Shareholder Forum had been encouraged by professional fund managers to
provide support of appraisal rights for their realization of intrinsic
value in the
2013 Dell buyout.
To make investments in these rights a practical alternative for
regulated funds that require marketability, reporting and insulation
from litigation processes, the Forum developed independent
administrative services based on tested models for asset-backed
securities that assure informed and convenient portfolio management.
The
Forum's support of
marketable
“Appraised Value Rights”
(AVR) investments can be requested to provide a company's existing
shareholders with a practical means of realizing the intrinsic value of
a long term enterprise investment, as an alternative to a buyout offer
based on current market pricing.
This
support can also be used in programs for fund managers wishing to use
AVR
investing regularly,
either to realize full long term value in existing equity portfolios or
to develop a specialized niche class of
uncorrelated assets. Intended for fund managers wishing to avoid the
risks associated with "appraisal
arbitrage" practices popularized following the Dell case, AVR
program participation provides the following benefits:
►
Intelligence
§
Expanded access to reliable information and insights
§
Designation of representative for review panel membership
§
Requests for review of specific situations and issues
§
Determination of case eligibility for AVR management
► Control
§
Ability to initiate and guide AVR-managed appraisal cases
§
Choice of anonymous participation or identified
leadership
§
Independence of own appraisal rights investment decisions
§
Select standard or customized structures of marketable
rights
►
Efficiency
§
Shared costs of professional expertise and services
§
Analysis and reporting by review panel investor delegates
§
Rights managed as identical units of a marketable
investment
June 2015 |
