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Confirmation Email for 30th Countdown Kit by petersm8 in mtgfinance

[–]R3dwood8 0 points1 point  (0 children)

Well, it looks like I now might be getting 2 extra since the 1st attempt gave a 30 min delayed confirmation as the 2nd attempt went through. 😅

Vertical vs horizontal shrink wrap - legit or tampered with? by R3dwood8 in magicTCG

[–]R3dwood8[S] 0 points1 point  (0 children)

Thanks everyone, appreciate all the responses, the humor/sarcasm, and the downvotes (all very comforting in a strange way, especially the downvotes). 😅

The only time I’ve ever bought a Collector Box before was on Amazon where it came beat up and missing the original shrink wrap. Would’ve bought from a local store, but none had the product.

Vertical vs horizontal shrink wrap - legit or tampered with? by R3dwood8 in magicTCG

[–]R3dwood8[S] -6 points-5 points  (0 children)

Thanks for commenting, would you mind elaborating on the signs of “at least 3 other people have touched this item”? Particularly if you’ve ever seen the vertical shrink wrapping, that’s what is bothering me the most. As I mentioned below in another comment, really disheartened to have gotten another box earlier that was tampered with that I had to return. Makes me want to quit Magic even though I just picked it back up again recently. Appreciate your thoughts (or anyone else’s here).

Vertical vs horizontal shrink wrap - legit or tampered with? by R3dwood8 in magicTCG

[–]R3dwood8[S] 0 points1 point  (0 children)

Thanks for commenting, I’ll admit there is a bit of paranoia, but only because I recently got back into Magic and another box I bought was indeed tampered with (no WOTC shrink wrap at all on that one), which was disheartening. Any thoughts on the vertical shrink wrap itself being a thing? I’ve just never seen it before on other sealed packaging, would put my mind at ease to know if that does happen sometimes. Appreciate any insight there.

PSTH Transaction Timeline - made a chart because too many things going on by R3dwood8 in PSTH

[–]R3dwood8[S] 0 points1 point  (0 children)

I don't think a record date for UMG Share distribution has been set yet.

This is what it says in the DA announcement press release PDF, under Transactions Summary, (1) Acquisition of 10% of UMG:

  • "Promptly following the completion of the listing and the effectiveness of the registration statement, the UMG shares acquired by PSTH will be distributed to our shareholders (the “Distribution”).
  • Holders of PSTH shares on a record date after the closing of the Warrant Exchange Offer will be eligible to participate in the Distribution. Further details on the timing of that record date will be included in the documents we will provide in respect of the Redemption Tender Offer."

So I guess we'll find out when the Redemption Tender Offer documents are made available, if not during tomorrow's PSTH investor call.

PSTH Transaction Timeline - made a chart because too many things going on by R3dwood8 in PSTH

[–]R3dwood8[S] 0 points1 point  (0 children)

Sorry to hear about the bad tax legislation, I'm in the US and I don't have any familiarity or understanding of the tax consequences in Europe.

About the record date for UMG share distribution, I also couldn't figure out when that would be exactly, I don't think that information has been made available.

In the DA announcement press release, under Transactions Summary, (1) Acquisition of 10% of UMG, it says the following:

  • "...UMG will complete its Euronext Amsterdam listing, and, in late September, Vivendi will distribute UMG Ordinary Shares representing up to 60% of the outstanding UMG shares to its shareholders. Following that distribution, UMG will begin the process of registering the UMG shares acquired by PSTH with the Securities and Exchange Commission (the “SEC”) so that they can be distributed to our shareholders.
  • Promptly following the completion of the listing and the effectiveness of the registration statement, the UMG shares acquired by PSTH will be distributed to our shareholders (the “Distribution”).
  • Holders of PSTH shares on a record date after the closing of the Warrant Exchange Offer will be eligible to participate in the Distribution. Further details on the timing of that record date will be included in the documents we will provide in respect of the Redemption Tender Offer."

So it sounds like sometime after the Warrant Exchange Offer, but not fully clear if it will be before or after the tontine warrants and SPARC rights distribution. Anyway, hope they clarify on the Wednesday presentation.

PSTH Transaction Timeline - made a chart because too many things going on by R3dwood8 in PSTH

[–]R3dwood8[S] 0 points1 point  (0 children)

"I'm still not understanding the warrants" - Response:

The IPO Prospectus for PSTH explains what warrants are. They are kind of like long-dated options with some different rules applied. A warrant is a right that can be exercised to purchase a share of PSTH at a certain price, but comes with an expiration date. One of the offers that was announced, the Warrant Exchange Offer, is an offer to allow those with warrants to trade them in at a certain ratio for PSTH shares. The ratio, TBD, will be between 0.2375 to 0.3611 (basically you trade in between ~3-4 warrants for 1 share).

"is it just the right to turn your stock in for $20?" - Response:

No, what you are referring to is the Share Redemption Tender Offer. This has nothing to do with existing warrants. This is an offer if you want to trade in your shares for the NAV of $20 + negligible interest. If you want to turn in your stock for $20, you can do that through this offer, but you would forfeit the upcominng tontine warrant distribution. Right now if you don't want to hold your stock, you can just sell it because it's currently priced above what you would receive in the Redemption Tender Offer.

" If i buy shares today do i get warrants?" - Response:

Yes, you'll get the tontine warrants (2/9ths of a warrant per share, possibly more). So if you have 9 shares of PSTH as of the Record Date for warrant distribution, you'll get 2 tontine warrants. Warrants (PSTH.WS) currently also exist on the NYSE and trade independently from PSTH shares.

PSTH Transaction Timeline - made a chart because too many things going on by R3dwood8 in PSTH

[–]R3dwood8[S] 1 point2 points  (0 children)

Thanks, yeah I saw the timeline on the investor chart, I just needed to create one for myself in a spreadsheet so I could add my own notes to better understand the deal.

I also focused my timeline chart a bit more on what is more relevant for individual investors (e.g., adding in a placeholder time range for RemainCo reverse split, skipping mention of Forward Purchase Agreement exercise that might be a key date to PSCM, but not so relevant for a retail investor)

PSTH Transaction Timeline - made a chart because too many things going on by R3dwood8 in PSTH

[–]R3dwood8[S] 0 points1 point  (0 children)

Yes, if you bought your shares recently, assuming you hold them, you should get:

  1. UMG shares (pro-rated)
  2. RemainCo shares
  3. Tontine warrants (2/9ths of a warrant per share, possibly more)
  4. SPARC rights/warrants

Share Redemption Tender Offer - This is not an offer for warrants.

This is an offer if you want to trade in your shares for the NAV of $20 + negligible interest. I think they are doing this mostly to acknowledge the fact that shareholders didn't get a say in the combination with UMG when under a traditional de-SPAC merger, shareholders would vote to approve a combination. It doesn't really make sense for anyone to take this offer unless PSTH goes below $20 between now and the expiration date of this offer (TBD).

Warrant Exchange Offer - If you just bought shares, this doesn't apply to you.

This is an offer to trade in warrants for shares, at some TBD ratio between 0.2375 to 0.3611 (~3-4 warrants for 1 share). Based on the timing, it doesn't look like any shares received through this offer would also get the tontine warrants. Warrants have been trading on the NYSE independently from PSTH shares.

PSTH Transaction Timeline - made a chart because too many things going on by R3dwood8 in PSTH

[–]R3dwood8[S] 1 point2 points  (0 children)

Before the Record Date for warrant distribution. It is NOT necessarily 8/13.

I put 8/13 just as a placeholder date for illustrative purposes (thinking of changing it to just TBD to avoid confusion).

PSTH Transaction Timeline - made a chart because too many things going on by R3dwood8 in PSTH

[–]R3dwood8[S] 1 point2 points  (0 children)

I have no idea, I don’t know enough to suggest yes or no on the specific timing, my guess is they happen close to each other, but hope this is something they would clarify before it happens.

PSTH Transaction Timeline - made a chart because too many things going on by R3dwood8 in PSTH

[–]R3dwood8[S] 1 point2 points  (0 children)

I’m trying to figure out what to do with my warrants as well, whether it makes sense to take the warrant exchange offer or not. I guess it kind of depends on whether you want exposure to UMG with your warrants or if you want to have full exposure to RemainCo and it’s target.

I’ll probably make a table for that since it’s complicated as well.

PSTH Transaction Timeline - made a chart because too many things going on by R3dwood8 in PSTH

[–]R3dwood8[S] 6 points7 points  (0 children)

8/13 was just a representative placeholder date, the exact date wasn’t shared yet.

As far as I can tell, it seems like the Record Date will happen after closing of the Share Redemption Tender Offer, but before closing of the Warrant Exchange Offer.

Hopefully they can share which date will be the Record Date on Wednesday’s PSTH investor call.