j*****7
发帖数: 4348 | 1 一个月前PENNBROOK的老贴子:
activist hedge fund Tang Capital Partners bought up 3.96 million Vanda
shares, or just under 15% of the company, and started a proxy fight for
board seats in order to force Vanda to shut down and liquidate the remaining
assets back to shareholders. Today, after the good news, they withdraw the
proxy fight.
Tang Capital Partners, LP ("TCP") has ended its proxy contest by withdrawing
its nominations of director candidates for election to Vanda's Board of
Directors and its stockholder proposal to liquidate the Company. TCP had
previously notified the Company of its intention to solicit proxies for the
election of two of its candidates to the Vanda Board at the Company's 2009
Annual Meeting and for its proposal that the Board take action to liquidate
the Company.
Kevin Tang, the managing director of the general partner of TCP, notified
Vanda of TCP's intention not to pursue a proxy contest on May 6, 2009 in an
email to Vanda's Chief Executive Officer, Mihael H. Polymeropoulos, M.D. and
Chairman of the Board, Argeris N. Karabelas, Ph.D.
Tang Capital Partners has filed a preliminary proxy statement for the Vanda
Pharmaceuticals (Nasdaq: VNDA) 2009 Annual Meeting of Stockholders urging
stockholders to support Tang Capital Partners’ slate of two director
nominees, Kevin C. Tang and Andrew D. Levin, M.D., Ph.D.
We’ve been following VNDA (see our post archive here) because it’s trading
below its net cash value and Tang Capital Partners (TCP), has called for
the company to “cease operations immediately, liquidate [VNDA]’s assets
and distribute all remaining capital to the Stockholders.” The stock is up
16.7% since we initiated the position from $0.78 to close yesterday at $0.91
, which gives the company a market capitalization of $24.3M. We estimate the
net cash value to be around 75% higher at $42.6M or $1.60 per share.
The company is hemorrhaging cash, so the investment turns on TCP’s ability
to get control and staunch the bleeding. If TCP cannot get onto the board
quickly or at all, the company will continue to burn cash and the investment
will be a dud. VNDA has a staggered board, so this will make TCP’s task
difficult. | N**********m
发帖数: 212 | 2 有link吗？
似乎这个pennbrook很未卜先知？
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【在 j*****7 的大作中提到】
: 一个月前PENNBROOK的老贴子:
: activist hedge fund Tang Capital Partners bought up 3.96 million Vanda
: shares, or just under 15% of the company, and started a proxy fight for
: board seats in order to force Vanda to shut down and liquidate the remaining
: assets back to shareholders. Today, after the good news, they withdraw the
: proxy fight.
: Tang Capital Partners, LP ("TCP") has ended its proxy contest by withdrawing
: its nominations of director candidates for election to Vanda's Board of
: Directors and its stockholder proposal to liquidate the Company. TCP had
: previously notified the Company of its intention to solicit proxies for the
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