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support for fair value realization

of stock investments in

DBM Global Incorporated

(f/k/a Schuff International Inc.)

 
 

Support of Minority Shareholder Interests

The Shareholder Forum had offered to support Appraised Value Rights ("AVR") of DBM (f/k/a Schuff International) minority shareholders in 2014 following a $31.50 per share tender offer by the company's controlling shareholder, HC2 Holdings, Inc., with the stated intent to proceed with a short-form merger "as soon as practicable.”

HC2 acquired DBM shares in the 2014 tender offer and other purchases bringing its total holdings to 92% of outstanding DBM shares, but has not proceeded with a merger. The Forum has continued to support the minority shareholder interests of its AVR participants in this context.

 
     

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Video influencer presents analyst's enthusiastic views of Innovate and its DBM source of cash (73 minutes)

 

Source: Seeking Alpha, October 27. 2021, interview

 

Written by

Andrew Walker

Long/Short Equity, Deep Value, Special Situations
Member Since 2015

 

Andrew Walker is a portfolio manager at Rangeley Capital LLC with a focus on small cap special situations investments. He's also the founder of

https://yetanothervalueblog.substack.com/ and the Yet Another Value podcast

Breaking Down Innovate's Potential

Oct. 27, 2021 11:41 AM ET INNOVATE Corp. (VATE)

Summary

  • It's been a rocky few years for Innovate (FKA HCHC).

  • An activist stepped in last year, and the company has cleaned up lots of their noncore assets.

  • With a cleaner structure and several catalysts, VATE could quickly close the gap between the intrinsic value and share price in the next year.

It's been a rocky few years for Innovate (VATE). Right on the heels of a bruising proxy fight, COVID hit. With a mish-mash of assets and an over levered balance sheet, the company was in a tough spot.

Today, however, the ship has been righted. A rights offering (backed by the chairman and largest CEO) late last year secured the balance sheet, and sales of noncore assets have allowed the company to focus on their most important segments.

It's not a perfect story yet, but in this wide-ranging interview Nitin Sacheti breaks down the bull case for VATE. Key topics include a discussion of the value of each segment (including why it's possible each segment could be worth more than the enterprise value of the company on its own), the key catalysts in the next year that could unlock value, and why Nitin believes management is incentivized to realize that value for shareholders in the medium term (hint: it includes the significant insider buying that's happened over the past few months).

 

This article was written by

Andrew Walker

Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

 

© 2021 Seeking Alpha

 

 

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