von SeattleGoldMiner
leider beherrsche ich nur vier Bantu-Dialekte und habe mich nie wirklich mit Englisch beschäftigt. Vielleicht ist jemand in der Lage den Kommentar zu übersetzen.
There has been plenty written about what GE's plans are with regard to Synchrony (if you read the GE and Synchrony SEC filings....as anyone with money invested in the company should). In addition there has been a lot of analysis explaining what the implications are for GE shareholders, so all of the confusion seems to stem either from a lack of effort or a lack of financial acumen...and thus those people might do better with a low-cost Vanguard fund, than attempt an appraisal of individual companies. Several months ago GE did an IPO (offering of stock to the public) of 15% of the common stock of Synchrony Financial. Synchrony Financial is a company which effectively provides retail financing and backs store-branded credit card programs for retailers (like Walmart, Lowe's, JC Penney etc.) They also provide financing for various medical providers etc. The IPO was sold at $23/share and was oversubscribed. GE still holds 707,000,000 shares. Since the IPO, Synchrony stock has gone up from $23 to around $29. (thus the 707,000,000 shares that GE still owns have appreciated in value from $16.3B to over $20.5B. As of now GE intends to offer GE shareholders, towards the end of next year, a SWAP where they can exchange GE shares for Synchrony shares, thus liquidating GE's total holdings in Synchrony (and completing the separation, and also S&L and deposit-taking supervision) and effectively reducing GE's share count by whatever the GE share price is next year divided into the total value of the Synchrony stock which GE owns at that time..e.g. if it were done today GE's $20.5B of Synchrony stock would wind up buying back 760,000,000 GE shares at $27 for GE stock, thus reducing the GE sharecount e.g. from 10B to 9.24B (a 7.6% reduction). This will approximately offset the reduction in GE's earnings from Synchrony and thus will not materially impact earnings/share. However, it WILL liberate capital that has been tied up in Synchrony (as they are already 75% of the way towards financing themselves as a separate entity) as well as eliminating a lot of EXISTING regulation and oversight for the activities required for Synchrony. In addition, on a macro basis it is a significant move to reducing GECC to 25% of GE's total by 2016 as it begins to accelerate its growth trajectory on the industrial side at the same time. That is what it is doing for shareholders who have a long-term perspective beyond next quarter's earnings or whether the dividend gets raised to $.96 or $1.00 this week. |