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Altera Infrastructure L.P. 7.25 (ALIN-PA)

NYSE - Nasdaq Real-time price. Currency in USD
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0.6999-0.6501 (-48.16%)
As of 10:34AM EDT. Market open.

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  • J
    Joel
    Net Loss of 40M Q2 2022, decrease of cash on hand of $55M cash on hand, and not paying some bonds. Was hoping for more.
  • O
    Oxzygen
    Wondering what's behind the massive uptick at COB yesterday. Is it contract beeing awarded for Petrojarl Knarr, the Santos Dorado field, or a sale of the Arendal Spirit?
  • M
    Marc
    Earnings and EBITDA roughly 20% higher than a year ago. Debt refinancing this month with reduce amortization cost in future quarters significantly. Stock price half what it was a year ago. Why ?
  • J
    John
    If you look back to the 2020 acquisition of TOO by Brookfield it looks like the acquired company had major financial issues that gave them no leverage in the deal. Their business model continued to under perform, at least per the most recent quarterly. Now the management of the sub Altera just caved to a sweet deal for the parent, at expense of old preferred shareholders. Seems less than an arms length transaction. Time for a class action on behalf of the old preferred shareholders of TOO. At the very least a SEC complaint.
  • m
    martin
    Panic in the, thinly traded, Preferred shares this morning...some briefly down 28%.

    But this is very premature. How the Preferred shares would be treated is a matter that hasn't been discussed.
    In fact, the matter of how this unsolicited offer for the Commons will unfold hasn't even been clarified- note from the release today"

    "The proposed transaction is subject to a number of contingencies, including the approval of the Conflicts or Special Committee and the satisfaction of any conditions to the consummation of a transaction set forth in any definitive agreement concerning the transaction. There can be no assurance that definitive documentation will be executed or that any transaction will materialize on the terms described above or at all. "
  • P
    PM
    TK selling their equity interest to TOO is a surprise at such low valuation is clear indication that TK did not see much value in holding TOO after they sold of majority in GP some time back. While this is good for TK to reduce their debt load and now they would be able to focus mainly on TNK and TGP. As a TOO share holder I am not sure if Broofield would now take it private by buying out the remaining shares over time or either by bidding for shares in a buy back offfer. Not sure How this would play out but should be good for current holders of TOO .
  • M
    Marc
    Is anyone else surprised by the price TK was willing to accept for their remaining shares ?
  • R
    Robert
    Anyone have a clue on why the price has dropped over the past few days?
  • S
    Saladin Al-Ayubi
    People! What we want is a fair value as minority shareholders who have equally shared in the risk and reward of investing in this company?
  • M
    Marc
    So the question is this. What is Brookfield’s endgame and what is the timing ? Will they offer to buy out all the remaining shares and take it private ? Will they wait until the recovery in offshore activity and sell the entire company to the highest bidder ? Or will they just wait out the remaining investors and just keep slowly buying up the stock ? They have $2.50 a share in their stock purchase and need a rate of return on that investment. It would seem to me that if they want to buy out all the remaining shares they would want to buy those shares before the offshore industry recovers. But who knows at this point.
  • 尛芙丸
    Why the stock price spikes so high, are they going to restore the dividend payment?
  • G
    GG
    What happens when they hit their target leverage ratio? What do they do then with excess cash flow?
  • M
    Marc
    Two good days in a row. Almost unprecedented in this stock
  • J
    John
    Below is copied from the Prospectus. Given the Brookfield acquisition was treated as a merger and not asset acquisition believe this contractually would apply. Looks like a simple contractual issue that could be used to seek a legal remedy for failure to comply with their own contract with preferred holders.
    "Voting Rights
    Holders of the Series B Preferred Units generally have no voting rights. However, the consent of the holders of at least two-thirds of the outstanding Series B Preferred Units, voting as a single class, is required prior to any amendment to our partnership agreement that would have a material adverse effect on the existing terms of the Series B Preferred Units. In addition, unless we receive the affirmative vote or consent of the holders of at least two-thirds of the outstanding Series B Preferred Units, voting as a class together with holders of any other Parity Securities (including holders of our Series A Preferred Units), we may not (i) issue any Parity Securities if the cumulative distributions on Series B Preferred Units are in arrears or (ii) create or issue any Senior Securities. Distributions payable on the Series B Preferred Units will be considered to be in arrears for any quarterly period for which full cumulative distributions through the most recent distribution payment date have not been paid on all outstanding Series B Preferred Units. Please read “Description of Series B Preferred Units—Voting Rights.”
  • A
    Anonymous
    As I understand, if the company is taken private then BBU must own 80% of the stock. At this point they can retire the preferreds and do not have to pay the $25/share.
  • r
    russ
    Getting interesting at $1.35.. I need $1.44 to break even.. Tough call whether to take a loss soon or gamble on getting better terms..
  • m
    martin
    If Brookfield were to take TOO private, would that trigger redemption of TOO Preferred shares, and would that occur at Par value? The weakness in TOO Preferred is probably owing to lack of buyers, compared to sellers (duh), pushing share prices down given redemption risk?
  • M
    Marc
    Market seems to think the offer will be raised. Here is my guess. Conflicts Committee rejects the $1.05 offer as “inadequate”. Stock languishes for a few weeks around $1.10-$1.20. Brookfield then offers a price similar to what they paid TK- something around $1.30. Conflicts Committee accepts the second offer because its a premium over the current trading price and is similar to the “arms length” price accepted by Teekay a few weeks ago and the company goes private.