Hi Bernie,
Indeed we are frustrated shareholders of PBH in our Emerging Companies Portfolio. On Monday we saw global arbitrage, market maker and prop trading powerhouse Susquehanna become the largest shareholder in PBH after taking a $94mn placement at $2.43/share, encouragingly at a 13% premium to the previous close, through their subsidiary SIG Sports Investments. The deal will also see SIG affiliate Nelle Analytics provide services to PointsBet Europe to enhance their available data, allowing PBH to offer more markets and better odds.
Alongside the deal, shareholders will receive a Deferred Bonus Equity Options (DBEO) for every 20.2 shares held that will allow them to purchase $10 worth of PBH shares at a 20% discount to the market price come 8 July 2024, or upon the company’s decision to call them.
Overall this appears to be a great alignment for PBH which would have us looking to buy if were weren’t already long!