News SeaWorld Will Buy Back $150M in Shares

[Jahrules]

One last item. This buyback did indeed come from SeaWorld’s preauthorized buyback program. In feb, it was announced that the board reupped the funds in the buyback program from 158m to 250m.

With this purchase the buyback fund is back down to $100m.

 

[GrandpaD]

Random items from various stock articles -

”The deal also includes an agreement from the investor (Hill Path). This will have it using any of its votes beyond 24.9% of its stake in line with the Board’s or other investors’ choices.”

"Hill Path Capital LP will be adding three new members to the Board. This includes Hill Path Managing Partner Scott Ross. Hill Path Partner James Chambers is also joining the Board. The final new member of the Board will be an independent Director chosen by Hill Path. SEAS will expand its Board to accommodate the new members."

 

[Jahrules]

@all this discussion has its own thread. Maybe an admin (@Zachary ?) should merge the two?

 

[Zachary]

@all this discussion has its own thread. Maybe an admin (@Zachary ?) should merge the two?

Good eye. Done.

 

[..…]

@Zimmy I’ve been so out of the loop for the past few months I have no idea. I need to catch up on the drama - the bits and pieces I have heard are definitely interesting...

 

[Jahrules]

@Lolers from what I see there doesn't look like anything earth shattering happening here.

Seas already had the buyback program in place and authorized for up to $250m.

With the default of zhonghong leaving $500m of shares into the hands of an investment firm not really interested in owning SeaWorld; this presented a good opportunity to clear those shares out and increase investor confidence. The fact that the buyback and increased investment were announced at the same time probably indicates that SeaWorld had some discussion with Hillpath to ensure that all of the zhonghong shares were bought out.

Though the figure of 150m does probably bode well for Seas financial health as they would not spend that figure unless they were performing well and forecasting that to continue.

 

[Jahrules]

Some interesting info about HillPath:

Hill Path Capital LP is a private equity firm specializing in buyouts. It conducts in-house research to make its investments and prefers to take a majority stake.

Stocks

Updated world stock indexes. Get an overview of major world indexes, current values and stock market data.

www.bloomberg.com

Hillpath also own a large stake (4th largest institution) in Dave n Buster's at 4.15%

(Source cnnmoney https://money.cnn.com/quote/shareholders/shareholders.html?symb=PLAY&subView=institutional)

 

[mountaineers]

Hill Path Capital LP will be adding three new members to the Board. This includes Hill Path Managing Partner Scott Ross. Hill Path Partner James Chambers is also joining the Board. The final new member of

I think that zhonghong had 3 board members, 2 of which were removed on default of their agreement. One I think was asked to stay. That means that 2 of the 3 additions by Hill Path should be replacing recently removed members.