저자: JackDuffley—소속미상 · 외국인
요약 보기
퍼싱스퀘어 홀딩스(PSH)는 SPAC 거래 무산 후에도 유니버설뮤직그룹(UMG) 지분 10% 인수를 진행 중이며, 이를 위해 약 10억 달러 자금 조달을 추진 중이라는 블룸버그 보도가 있음. 핵심 주장: 인수 자금 약 30억 달러 중 일부를 조달하려는 것으로 보이며, 기존 보유 종목 매도 없이 자본을 확보하려는 의도로 해석함. 스타벅스를 매도해 도미노피자로 옮긴 사례가 있었음. 근거 수치: 펀드 규모 약 120억 달러, 추가 조달액 10억 달러는 펀드 가치의 10% 미만. SPAC 규모는 약 40억 달러(한때 60억 달러까지 상승). PSH 주가는 IPO가 20달러 근처까지 하락 후 반등. 추가 자금은 사이드카 차량(ADP 때와 유사한 구조)을 통해 조달될 것으로 전해짐. SPAC은 다른 인수 대상을 물색 중이며 곧 추가 딜이 나올 수 있다고 봄. 리스크: 규제 환경(SEC 등)에 따른 불확실성, 워런트 희석 가능성. 다만 주가가 이미 크게 하락해 하방 제한적이라는 견해. 출연자 전망: 퍼싱스퀘어 홀딩스 보유를 유지하며 가격 하락 시 추가 매수를 고려하나, 현재 부동산 계약 등으로 현금 여력이 부족해 추가 매수는 보류 중.
다듬은 글
hey everyone my name is jack and a few weeks ago i did an update about the persian square taunting holding spac deal with universal music group and how that was falling through because of concerns from the sec and the sort of regulatory environment we're seeing with spax well in that deal although persian short taunting holdings the spak wasn't going to be getting this deal anymore purging square holdings the hedge fund that makes up a large portion of my portfolio is actually still going through with a portion of the deal they are still trying to acquire universal music group shares they're able to do this because purging square holdings the hedge fund run by bill ackman was the sponsor and is the sponsor still to pershing score taunting holdings the spec in their agreement to purchase universal music group pershing support tatting holdings had an assignment right that it could give to pershing square holdings the sponsor they ended up going through with that assignment so now purchase for holdings has the right to purchase ten percent of universal music group which they're getting close to closing in total that would be about a three billion dollar deal for projects for holdings to actually acquire 10 of universal music group and that's compared to about the 12 billion or so that it has in its fund and that's not including the spec which in itself is about 4 billion well to fund at least part of this purchase now that the spac won't be involved persian square is looking to raise an additional 1 billion dollars in capital at least allegedly according to someone who's familiar with it this was reported by bloomberg we haven't gotten an official announcement from purging square or bill ackman yet but raising that additional 1 billion dollars in capital would be a little bit under 10 of the current fund value so it's a significant amount of money to raise and this tells me a few things about where i think purging square is heading or at least the direction it's taking for one it doesn't want to sell any more of its holdings to actually fund this deal since it seems to like its position we already saw persian square sell off starbucks a while back to then move some money into domino's pizza coincidentally since it got below a target price we're looking at and they've already seen some pretty sizable returns since then since they basically nailed the recent bottom and it's gone on a pretty impressive run since then and they've been trimming some of their holdings likely to make room for the spac deal that is no more but now to actually go forward with the actual share purchase agreement now that the stack won't be involved but i also think akron wants to take advantage of the fact that there's lots of liquidity out there right now looking for a target he has a target right here with universal music group he has all of his other holdings in the fund as well that seem pretty attractive for most investors at least i would think or at least to enough investors that he'd be able to raise some significant money i mean look what happened with the spec that was a blank check company so people believed enactment enough to give them 4 billion and at some point more like 6 billion once the fund ran up quite a bit it's not there anymore it's back all the way down to 4 billion but i think this also might mean is that purging score is probably close to another deal somewhere else or at least they don't want to tie up too much of their own capital that they already have into this umg deal since that's already underway that should be secured and if they can raise a little bit of extra money for this deal then they can keep some of their other money free for a future deal with the spac now that it's open again to go for another deal they were talking about before that they were already looking for another deal at the moment they were in talks with multiple different companies for what would have been the multiple different entities that spun out of the existing spac but that's not gonna happen anymore we're just back to spac stage one i guess if you wanna call it that and that spack is already looking at other targets and maybe they're getting pretty close here and that's what this capital raise might mean and to facilitate this capital raise according to bloomberg they'd be using a sidecar vehicle similar to the one that they used with adp a while back so we'll see if that structure what that's actually going to look like when we get more information of course assuming this is true this is kind of hearsay evidence we're believing that what bloomberg heard is actually correct i would imagine it is because we haven't heard anything saying that it's not correct so if anything they're probably really close to announcing this officially or something like that so i wouldn't be surprised if we get some more news in the near future now as for me with my stake in purging square holdings i am currently on pause right now for adding more to it i would probably like to if i had a lot more cash but i recently closed on a real estate deal so a lot of money is going towards that right now via the down payment also some light rehab to spruce it up a bit and plus we're going to be renovating our current place not really renovating but like some new paint and a few little cosmetic items to make it nice and ready as a rental but that's where a lot of my cash is going so i might otherwise be inclined to invest more money into purging square but it's already the largest stock holding that i have i don't know if this would be the best idea for me right now to put more money into it you can obviously make your own call do your own research and depending on your risk tolerance maybe this is a great idea i do think purging square holdings is in a very good spot there's some uncertainty with what's going to happen with the spak since you have the regulatory side that clearly has done a wrench in the things in the past maybe it'll throw a wrench into things in the future as well that is a risk however purging store tatting holdings has been beaten down all the way back down nearly to its ipo price of 20 so theoretically there's not too much downside there if you were to invest in this back again but then you're reliant and actually then finding a deal and then not being diluted too much with warrants at the end if you're approaching smart taunting holding shareholder not a purchase for holding shareholder who would benefit from the warrants and being able to get a discount on the eventual spac deal if that does in fact go through sometime in the near future but in any event i don't plan on changing my persian spore holdings position very much i might add a little bit here and there as time goes on the price hasn't really moved much since i made my initial investment and also added to it about what a month or two ago i guess it's been since i added a bit more to my pershing square holdings position but so long as the fundamentals remain pretty strong in my view i'm gonna hold on to this position and look to add more if we get some price action towards the negative or if we get some really positive fundamental news that would make the investment case that much stronger but that's the news persian square is apparently trying to raise about a billion dollars to facilitate this umg deal and so as to not tie up capital for that deal and i think to leave it free for another deal so that they can buy into the spac deal when that actually happens with purchasing spread taunting holdings if they find another target pretty soon definitely let me know what you guys think in the comments below but if you like this video please like it since that would help the channel out a lot and if you like this sort of content about investing and i do a lot of content about pershing square i have a whole playlist dedicated to it on the channel if you want to check that out definitely subscribe since i put out new videos every single week and wouldn't want you guys to miss out and check out the free stuff from the affiliate links in the description below but until next time take care you
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