Weekly Filings August 7-14, 2014

Spin Offs:

Vectrus, Inc. (VEC) updates the financial information as it spins off from Excelis, Inc. (XLS). It also filed to be traded on the NYSE.  While XLS appears to improve margins and have extra cash for operations, VEC will be a pure play on defense spending. Given the current state of world affairs, there might be value there. The planned spin off is now planned for September 27, 2014.

Ashford, Inc. continues to be split from Ashford Hospitality Trust. (AHT).

Keysight Technologies, Inc. continues to be separated from Agilent Technologies (A).

Enova continues to spin off from Cash America International (CSH). The update focused on adding China as a pilot program.


Symmetry Medical, Inc. (SMA) and Tecomet, Inc. propose merger with cash and stock.

Bally Technologies, Inc. (BYI) and Scientific Games Corporation (SGMS) will merge for cash.

Fortegra Financial Corporation (FRF) and Tiptree Financial, Inc. (TIPT) will merge for cash.

STR Holdings, Inc. (STRI) and Zhen Fa New Energy will merge for cash.

Franklin Financial Corporation (FRNK) and Towne Bank (TOWN) will merge for equity.

Bank of Kentucky Financial Corporation (BKYF) and BB&T (BBT) will merge for cash and stock.

Fidelity National Financial Inc (FNF) and Remy International Inc will merge for cash and equity.

Albemarle Corporation (ALB) and Rockwood Holdings (ROC) will merge for cash and stock.

Cape Bancorp (CBNJ) and Colonial Financial Services (COBK) will merge for cash and equity.

Alliance Data Systems Corporation (ADS) and Conversant (CNVR) will merge for cash and stock.

Poage Bancshares (PBSK) and Commonwealth Bank will merge in an stock transaction.


Alibaba Group Holding (BABA) has filed the paperwork to be traded.  This section is to find stub stocks and BABA has two: Yahoo and Softbank. Softbank just acquired Sprint, which increased its size to the point of a sizable holding discount to be unrealistic. Yahoo; however, appears to have little intrinsic value. The pricing on BABA based on early demand looks to be under priced as well. This could lead to favorable valuation of Yahoo once the ownership of Yahoo Japan and BABA are subtracted. The question remains if that differential will be realized. If so a synthetic short of BABA and acquisition of Yahoo may be in order.

Tokai Pharmaceutical (TKAI) will trade on the NASDAQ at $15 with a history of negative income and cash flows.

Ecopetrol (EC), a Colombian government majority owned business, issued debt.

Barclays also issued debt.

Affirmed Therapeutics (AFMD) will trade on the NASDAQ at $13 with a history of income and cash losses. Novo Nordisk (NVO) will own 9.9% of the company post IPO.

ReWalk Robotics (RWLK) will be on the NASDAQ at $16 with a history of losses.

Invesco Mortgage Capital REIT (IVR) is issuing preferred shares.

Middlefield Bancorp (MBCN) is being upgraded to the NASDAQ.

Bank of America (BAC) issued debt.

Nxt-ID (NXTD) is upgrading stock and warrants with its history of losses to the NASDAQ.

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