#1) What happens to the ADRs if someone would not convert them?
#2) Do you believe this structure with the ADR is chosen by purpose, instead of a Spin-Off at the NYSE?
#3) Where is the Upside for Fries and Malone - is it really just the re-rating? Or is there sth similiar to the Liberty Media / Tele-Communications Spin-Out that Joel Greenblatt describes in his book "You can be a stock marker genius"?
4) I couldn't figure out yet where to find the Transitional Plan that defines the Equity Awards. Did you find it? I expect to get some clarity here regarding the dilution. Based on the prospect I don't get about how many shares they are talking as I don't know how to conbert their grant value to number of shares.
• True-Up Sunrise RSUs, with respect to 1,469,681 Sunrise Class A Common Shares;
• Sunrise SARs, with an aggregate intrinsic value of $2,381,050 at grant;
• New Sunrise RSUs, with an aggregate grant value of $9,731,282; and
• New Sunrise PSUs, with an aggregate grant value of $3,784,516.
Thanks for the writeup Pedro! Very nice analysis.
As a spinoff newbie following my questions:
#1) What happens to the ADRs if someone would not convert them?
#2) Do you believe this structure with the ADR is chosen by purpose, instead of a Spin-Off at the NYSE?
#3) Where is the Upside for Fries and Malone - is it really just the re-rating? Or is there sth similiar to the Liberty Media / Tele-Communications Spin-Out that Joel Greenblatt describes in his book "You can be a stock marker genius"?
4) I couldn't figure out yet where to find the Transitional Plan that defines the Equity Awards. Did you find it? I expect to get some clarity here regarding the dilution. Based on the prospect I don't get about how many shares they are talking as I don't know how to conbert their grant value to number of shares.
• True-Up Sunrise RSUs, with respect to 1,469,681 Sunrise Class A Common Shares;
• Sunrise SARs, with an aggregate intrinsic value of $2,381,050 at grant;
• New Sunrise RSUs, with an aggregate grant value of $9,731,282; and
• New Sunrise PSUs, with an aggregate grant value of $3,784,516.