Newsgroup: it.economia.borsa
Titolo: Re: CELL (INVESTOR CONFERENCE)

la sostanza è che con questa quotazione la società  andrà incontro al
fallimento
ergo lo spin off potrebbe risollevare le quotazioni e preludere anche
all'ingresso di qualche socio


a questo punto avrebbe anche un senso il mancato report annuale nei termini
previsti

> non ho capito na mazza :o( spin-off di che ?
ma cume??
a milan, capital moral d'ital e città europea, i bauscia pulentun ancur nun 
han imparè bene a parlar ingles , francè e tedesc??
e vulete pur investì in bors ???
ah ah ah ah ah ah
:-) 

Spinoffs
Why are spinoffs such a great investment opportunity? Typically,
underperforming business divisions are loaded with debt. When they are cut
off from the parent company, that company can become more valuable as a
result.
The Process
Here's how a typical spinoff situation works:
The company decides to spin off a business division.
The parent company files the necessary paperwork with the Securities and
Exchange Commission (SEC).
The spinoff becomes a company of its own and must also file paperwork with
the SEC.
Shares in the new company are distributed to parent company shareholders.
The spinoff company goes public.
Notice that the spinoff shares are distributed to parent company
shareholders. There are two reasons why this creates value:
Parent company shareholders rarely want anything to do with the new spinoff.
After all, it's an underperforming division that was cut off to improve the
bottom line. As a result, many new shareholders sell immediately after the
new company goes public.
Large institutions are often forbidden to hold shares in spinoffs due to the
smaller market capitalization, increased risk, or poor financials of the new
company. Therefore, many large institutions automatically sell their shares
immediately after the new company goes public.
Simple supply and demand logic will tell you that such a large number of
shares on the market will naturally decrease the price, even if it is not
fundamentally justified. It is this temporary mispricing that gives the
enterprising investor an opportunity for profit.
The Homework
Information is easy to find when it comes to spinoffs. Every parent company
is forced to file paperwork with the SEC outlining everything that an
investor needs to know (and then some). The most important form to look for
is Form 10, which outlines the spinoff distribution terms. This document
contains a few key things to look for:
Basic Company, Share and Pricing Information
Look at the new company's market cap. If it's smaller, large funds are more
likely to sell it. Also look at the share distribution terms to see whether
it makes sense to buy the parent company shares or to buy on the open market
after the company goes public.
Distribution Type
Oftentimes, spinoff shares are distributed to parent company stockholders;
however, in some cases partial spinoffs, rights offerings or other formats
are used. This can provide increased leverage, or other advantages.
Insider Distributions
Insider holdings and activity are key when determining the value of a
spinoff. High insider ownership gives management incentive to perform well
and drives shareholder value. (For more on this, see When Insiders Buy,
Should Investors Join Them? and Can Insiders Help You Make Better Trades?)
It is also a good idea to read press releases, related news coverage and
other available media to determine how the public is going to react to the
new spinoff. Press releases can be found under the company's ticker on
Yahoo! Finance and company news can be found on Google News.
Overall, spinoffs outperform the market because of the inherent flaws in the
spinoff process. Although not every spinoff opportunity represents an
attractive investment, investors willing to dig a little deeper into SEC
filings and press releases can find those that are with relative ease.

> se non erro ogni
dalla preopen in assoluta parità, sembrerebbe che erri...