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JA Solar (JASO)

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Do you guys get any sort of response from JASO IR?

In all due respect to explo and july do you really think anything will change between now and when company goes private ? Odds are that it will go private at price offered. JASO CEO only cares about himself and his shares.

 

I'm just not sure what the play is, how much power he has if ill intended and how many votes (and board approval) he secured before sending the letter. If we are lucky he's just playing with the shorts and never intend to go through with this since it is non-binding, but he's done that stuff too many times and will lose trust capital on it.

 

If it goes private at $9.69 it's not the end of the world for me, since I already sold 2/3 of my holdings in it around $10.35, but I'm pissed because it is such a steal. He can IPO the exact same company for double what he is paying.

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I'm just not sure what the play is, how much power he has if ill intended and how many votes (and board approval) he secured before sending the letter. If we are lucky he's just playing with the shorts and never intend to go through with this since it is non-binding, but he's done that stuff too many times and will lose trust capital on it.

If it goes private at $9.69 it's not the end of the world for me, since I already sold 2/3 of my holdings in it around $10.35, but I'm pissed because it is such a steal. He can IPO the exact same company for double what he is paying.

Ahh I see didn't realize you sold so much.

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Is anyone considering that stock is trading at the deep discount to Baofang's offer, his entity is probably buying shares on the market? Every day him buying he saves $0.77 per share or more in last couple of days. This accumulation can go on for couple of weeks while interest in the stock and situation dies down. Then he will say he acquired enough to take it over in hostile fashion if not getting the nod from the BOD. Done.

I am not aware of any poison pill condition being triggered by  hostile takeover. If there is one and it is not being executed by the board this is a done deal.

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Is anyone considering that stock is trading at the deep discount to Baofang's offer, his entity is probably buying shares on the market? Every day him buying he saves $0.77 per share or more in last couple of days. This accumulation can go on for couple of weeks while interest in the stock and situation dies down. Then he will say he acquired enough to take it over in hostile fashion if not getting the nod from the BOD. Done.

I am not aware of any poison pill condition being triggered by  hostile takeover. If there is one and it is not being executed by the board this is a done deal.

 

That sounds like an ugly scenario.

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The whole JASO saga just reinforces the share price has been aggressively manipulated for a long time, whether the company (ceo) was in on it who knows. The final straw for me was no buy back was carried out for a second time whilst the price was low. Couple that with the SP languishing in a stupid range for what is now a year plus just smelt fishy. Would love it if this was not the case, just for the sake of the longs but somehow I doubt it.

 

Welcome back Odyd.

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That sounds like an ugly scenario.

Guy offered 9.69 per share market is willing to sell at 8.92, I think it is clear that he is right that his offer is superior one for shareholders. He would be a clown if he did not take opportunity of low market prices to improve his ownership of the company at this point.

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I believe Management can be liable since they Failed to disclose in the November 18th Buy Back Announcement the Repurchase of $90 Million Worth of Shares "they would not be buying back shares exceeding $9 per share."From what I've read any changes or stipulations to a Buy back are to be announced like a Press Release.

In fact the above was never disclosed and it wasn't made known to shareholders until late April over 5 months later where it was read in the Annual 2014 20-F Report.. The Company traded in March and in April at prices before this fact was known above $9 and above the CEO Buy Out Offer Price of $9.69 and preceded to trade above $10 on April 22nd and 23rd. JA traded as high as $10.40 and &10.47 before any knowledge that Company didn't plan to Buy back any shares that exceeded $9 per share.

I think a Class Action Lawsuit can be filed on them since they led investors on and didn't disclose pertinent information about the Buy back that had of been known many I think would of sold shares at higher prices.

A good attorney can make the case that they intentionally held back sales in Q1 to lower the share price before CEO announced Propal to take the Company Private by just simply looking at past shipments of JA and a overall average of other Tier 1 in the Q where all others exceeded.

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Guy offered 9.69 per share market is willing to sell at 8.92, I think it is clear that he is right that his offer is superior one for shareholders. He would be a clown if he did not take opportunity of low market prices to improve his ownership of the company at this point.

 

I agree that the market is a bigger clown than Jin.

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I think a Class Action Lawsuit can be filed on them since they led investors on and didn't disclose pertinent information about the Buy back that had of been known many I think would of sold shares at higher prices.

 

My understanding is that everyone loses on those class actions except the lawyers.

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My understanding is that everyone loses on those class actions except the lawyers.

Back in 2008 when JA crashed regarding the Lehman incident at the time my friend owned shares of JA and received a huge settlement later in the case.

He said he was surprised by how much he was paid. I didn't ask him how much he received but my thought it was a calculated difference from the day before the priced dropped he was paid back. I'd hath to go back and look but I think it dropped about 80% and he continued the Investment in JA Solar up until overcapacity happened.

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Back in 2008 when JA crashed regarding the Lehman incident at the time my friend owned shares of JA and received a huge settlement later in the case.

He said he was surprised by how much he was paid. I didn't ask him how much he received but my thought it was a calculated difference from the day before the priced dropped he was paid back. I'd hath to go back and look but I think it dropped about 80%

 

Wow. That's surprising. I don't understand how they could afford to cover that. I'm also surprised that JA was found liable for the Lehman crash.

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They have anti-takeover provision, I doubt it would be used against chairman. I think people need to understand regulatory implications of non-Chinese ownership of the company operating in PRC. This is why any other ownership is very unlikely. Again I doubt Baofang woke up one day and issued a release. We are witnessing a process, which started probably two years ago and we see final act of it. Everyone on the BOD will be looking to continue operate in relationship after the conclusion. What is the economic interest of JA BOD to reject this offer?

I think taking of the public markets in the US is probably the best thing for the rest of the companies. The shell nature of JA has distorted overall picture of Chinese solar on the market. Hopefully when domicile manipulation and interests will die of the natural cause of going private only market forces are left to coupe with. Somehow I believe this being an improvement to the image in a long term.

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Wow. That's surprising. I don't understand how they could afford to cover that. I'm also surprised that JA was found liable for the Lehman crash.

The only settlement known to me was $4.5M payout. I cannot think this was a large sum of money by any measurement.

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Wow. That's surprising. I don't understand how they could afford to cover that. I'm also surprised that JA was found liable for the Lehman crash.

They were and made settlement. My friend is a tightwad and he was very happy with what he got back and even continued to own them afterwards.

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The only settlement known to me was $4.5M payout. I cannot think this was a large sum of money by any measurement.

I guess it depends on the number of plaintiffs that participated.

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I have to say that cell prices have gone absolutely parabolic the last couple of weeks. The offer is a joke. Anyone can make an offer below the $17 book value and book a profit for the difference and thus clean up their on BS in the process of getting massive and profitable cell manufacturing capacity as the cell segment seems to head for shortage. And that does not even mention getting a booming panel sales business or a 100 MW PV power plant and 200 MW under construction and further pipeline. All that stuff for a negative price tag that automatically strengthens your BS. Deal of the year? Don't let Jin get away with this!

Explo, are you buying back JASO here?

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One thing must be said. The market was pretty right about JASO's valuation all these years. On paper JASO was always cheap, but what is a company worth with management that doesnt partner with their fellow shareholders? Instead trying to rip them off, and mocking them with the takeover letter saying that will create great value for the selling shareholders, after such along time of dismal performance and far below IPO value. Right now it will be a fight shareholder against management, so it is not about growth or sales of solar anymore. It is just a legal battle of who will win, and the management is clearly ahead of this game.

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I put in a stake for JASO just before the buy out offer of 9.69,  note presently the buyout is a 7% increase above todays trading, so why wouldn't it be a good short term investment to add here knowing you would have a 7% increase from here ?

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If the chairman is buying back stock at a discount on the open market, he's not doing it with much enthusiasm. Volume is pretty low. It seems to be more in a wait-and-see mode.

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Explo, are you buying back JASO here?

 

I'm sticking by my current holdings. Most of the 2/3 I've locked up in hedge funds. The rest is in DQ.

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Thanks. I'm too scared of DQ's low volume to buy even when it looks like a good price point.

 

Yes, it doesn't work for trading. I have it as a strategic poly price hedge holding.

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Don't know that any of you were aware but PWRD & GAME both have received Higher Offers since First Announced Buy Out

http://seekingalpha.com/news/2454546-perfect-world-receives-higher-go-private-offer

Perfect World (NASDAQ:PWRD) enters a go-private transaction with Perfect Peony Holding Company at a price of $20.20 per share.The deal price from the entity led by Chairman Michael Chi is higher than the original privatization offer of $15.76/share made last December and a follow-up bid of $20/share in January.

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Thanks. That scenario makes more sense to me than all the conspiracy theories here.

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Thanks. That scenario makes more sense to me than all the conspiracy theories here.

 

I have a handful of July $9 calls, and was thinking it makes sense to hold onto them for now since they are itm, with the stock price still below the buyout price.  A higher buyout offer prior to expiration (about 5 weeks from now) would be quite a windfall!

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Fosun International is the largest shareholder in PWRD. He also had a large stake in Focus Media when it was listed on the Nasdaq. Now he is involved with the IPO or Back door listing as they refer to it as in China with Focus media.

SA may of done a typo with the initial Offering being at $15.76 for PWRD because I'm not seeing it anywhere else. Same Law Firm that was investigating YGE is looking at the fairness of the Sale with PWRD http://finance.yahoo...-152900146.html

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I also think the Private Equity Firms and WS Bankers are targeting Companies with low debt to equity to Privatize. They do an analysis to select the Best Companies to go after.

PWRD's debt-to-equity ratio is very low at 0.15 and is currently below that of the industry average, implying that there has been very successful management of debt levels. To add to this, PWRD has a quick ratio of 1.52, which demonstrates the ability of the company to cover short-term liquidity needs.

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CN Solar's are not really investable, WS Banks will be hanging around like Buzzards and will continue to keep them undervalued and when they get to the debt to equity ratio JA Solar was at they'll be all over them to Privatize. I still think will see them go higher in H2 but they'll distort reasoning to bring them back down to meet their ultimate goal to make the most of their money,

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