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Monday, May 18, 2009

Fortress shares slide after offering is priced

This would have bee a good buy for two hrs. anything after that would not have been a claculated risk.

Shares of Fortress Investment Group LLC fell today after the investment manager said it priced a stock offering.

Fortress said it priced the offering of 40 million Class A shares at $5 per share, giving the company gross proceeds of $200 million. The underwriters of the offer have an option to buy as many as 6 million shares over the next 30 days.
Shares of the company closed at $5.26 on Thursday, and they fell 70 cents, or 13.3 percent, to $4.56 in afternoon trading today.
As of May 6, Fortress had 94.6 million Class A shares and 312.1 million Class B shares on the market. As a result, the offering dilutes the value of Fortress shares by about 10 to 11 percent.
Roger Smith, an analyst for Fox-Pitt Kelton Cochran, said Fortress could gain $60 million to $130 million in management fees if it spends $100 million of the proceeds from the offering to invest in new funds.
Posted by Free Guy at 11:16 AM

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