Quote:
Originally Posted by Mori****a System
Providence intends to use 50% of the net cash proceeds from the transaction to prepay certain loans under its existing credit facility. Subject to additional management evaluation of market and business conditions, share price and other factors and evaluation and approval by Providence's Board of Directors, the remaining net proceeds of the transaction may be used for acquisitions, investments in the long-term development of the Company's other segments and the return of capital to stockholders through a share buyback program, among other uses.
capital allocators at work.
They also settled at least part of that lawsuit related to the conver pref offering. You can read the background on the transaction in their latest filing. As I long suspected, Shackleton is using his analysts at his hedge fund to help PRSC evaluate all of their M&A deals. These guys are providing a lot of benefit to the company, makes me feel much better about them backstopping that rights offering.
Their annual meeting is in NYC in two weeks for anyone that is going to be out there.