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+--- Thread: Toro Investment Partners (/showthread.php?tid=5371)
RE: Toro Investment Partners - kevinh - 12-10-2013
Those numbers don't look right. NQ has 57M ADRs outstanding. Altimeter's 1.9M shares ~4%, not 6.11%.
Here is what i see from Morningstar, showing them holding 7.6M ADRs:
http://investors.morningstar.com/ownership/shareholders-major.html?t=NQ
RE: Toro Investment Partners - Mountainbiker - 12-10-2013
'RacerX' pid='33704' datel Wrote:
'kevinh' pid='33702' datel Wrote:Does Toro actually own 7.6M ADRs or 7.6M common shares. 7.6M common shares does not put them at the 5% level while 7.6M ADRs does. And the 13-G filed shows them owning ADRs, not common shares, which would make their entire NQ position ~$100M. See below: http://archive.fast-edgar.com/20131112/AaboGengbdE3-k-pNq-nzv-yNFG-q-1/ "American Depositary Shares each representing five Class A Ordinary Shares, par value $0.0001 per share (Title of Class of Securities)"
According to Bloomberg they own 1.518 million ADR's 4.88%
Other big holders:
Altimeter 1.899 6.11%
Oberweis 1.802 5.8%
Chinarock 1.711 5.5%
GSR Partners 1.437 4.63%
B of A 1.304 4.31%
I just checked these numbes from Bloomberg as well. They are correct. Top 4 holders account for 22.29% or 6.9 million shares of the FLOAT ( not the total number of shares outstanding.)
RE: Toro Investment Partners - kevinh - 12-10-2013
I know what Bloomberg says, I'm saying Bloomberg's numbers could be off regarding Toro's stake. Their 13-G suggests they hold 7.5M ADRs, not 7.5M common shares, which is also what morningstar indicates.
RE: Toro Investment Partners - RacerX - 12-10-2013
'kevinh' pid='33721' datel Wrote:I know what Bloomberg says, I'm saying Bloomberg's numbers could be off regarding Toro's stake. Their 13-G suggests they hold 7.5M ADRs, not 7.5M common shares, which is also what morningstar indicates.
Toro's 13G Filing: http://www.secinfo.com/d12TC3.x1Qm8.htm
They have 7,591,695 class A shares (which is equal to 1,518,339 ADR's) out of 151,833,654 total shares.
RE: Toro Investment Partners - kevinh - 12-10-2013
'RacerX' pid='33724' datel Wrote:
'kevinh' pid='33721' datel Wrote:I know what Bloomberg says, I'm saying Bloomberg's numbers could be off regarding Toro's stake. Their 13-G suggests they hold 7.5M ADRs, not 7.5M common shares, which is also what morningstar indicates.
Toro's 13G Filing: http://www.secinfo.com/d12TC3.x1Qm8.htm
They have 7,591,695 class A shares (which is equal to 1,518,339 ADR's) out of 151,833,654 total shares.
The document states:
Under the Securities Exchange Act of 1934
NQ Mobile Inc.
(Name of Issuer)
American Depositary Shares each representing five Class A Ordinary Shares, par value $0.0001 per share
(Title of Class of Securities)
| (d) |
Title of Class of Securities: American Depository Shares each representing five Class A Ordinary Shares, par value $0.0001 per Ordinary Shares (the “Securities”). |
What am I missing here? The SEC doc states they own 7.6M ADRs.
RE: Toro Investment Partners - roxron9 - 12-10-2013
'kevinh' pid='33727' datel Wrote:
'RacerX' pid='33724' datel Wrote:
'kevinh' pid='33721' datel Wrote:I know what Bloomberg says, I'm saying Bloomberg's numbers could be off regarding Toro's stake. Their 13-G suggests they hold 7.5M ADRs, not 7.5M common shares, which is also what morningstar indicates.
Toro's 13G Filing: http://www.secinfo.com/d12TC3.x1Qm8.htm
They have 7,591,695 class A shares (which is equal to 1,518,339 ADR's) out of 151,833,654 total shares.
The document states:
Under the Securities Exchange Act of 1934
NQ Mobile Inc.
(Name of Issuer)
American Depositary Shares each representing five Class A Ordinary Shares, par value $0.0001 per share
(Title of Class of Securities)
(d) Title of Class of Securities:
American Depository Shares each representing five Class A Ordinary Shares, par value $0.0001 per Ordinary Shares (the “Securities”).
What am I missing here? The SEC doc states they own 7.6M ADRs.
The document clearly shows they have voting rights of 7.6m shares, which essentially means they hold 7.6m class A shares, if it was 7.6 m ADS they would have voting power of 37 m shares. Also, as per the document page 4.
The ownership of Toro LP is presented below:
| (a) | Amount beneficially owned: 7,591,695 | |||
| (b) | Percent of class: 5.0% | |||
| © | Number of shares as to which the person has: | |||
| (i) | Sole power to vote or to direct the vote 7,591,695 | |||
| (ii) | Shared power to vote or to direct the vote 0. | |||
| (iii) | Sole power to dispose or to direct the disposition of 7,591,695 | |||
| (iv) | Shared power to dispose or to direct the disposition of 0. | |||