$MPW (-3,18 %) has probably reached a significant deal with Steward to settle the insolvency issues, and this was also approved by the court yesterday. The share price is really soaring today - has the knot now burst?
Medical Properties TrustUS58463J3041MPWMPW
$MPW (-3,18 %) Last night, the dividend for the current quarter. 0,08$ for each share held on September 9. This is based on the bank's covenants, which were renegotiated for the further course of the steward bankruptcy. Anyone following this process could already smell the $0.08, as there was friction between the debtors, MPW and Steward this week, which had already been brewing. Yesterday, among other things, there was an emergency meeting of the insolvency court to calm the waters. With regard to the dividend, it should be noted that no adjustment
of the cash allocation strategy has been announced. The final dividend of the year therefore depends on the balance sheet and may be related to a non-cash component if the REIT requirement is not met by a .08 dividend. In the future, the amount of the cash component will continue to depend on the covenants. As soon as these are no longer necessary for Steward, the dividend should return to the generously covered 0.15 of the last quarters.
$MPW (-3,18 %)
2 News about MPW:
1. MPW has 11 emergency departments in Colorado for 86 million dollars. Original investment of 64 mil and thus about 6% annual return. Not bad, brings liquidity and strengthens the business model.
2. And this is more interesting: there is a "stalking horse bid" for some steward assets in Florida. No price has been announced yet and there was no doubt that these stronger assets would find buyers anyway. The interesting aspect is that the assets include the medical group practices north Florida should be included in the assets. As I understand it, these are part of the supposedly so valuable stewardship systemwhich was recently sold for a (somewhat disappointing) 245 million dollars. If I understand this correctly, this sale sale (245 mil) may only include the stewardship shares in Massachusetts. This would be very good news and would mean more lucrative sales in Stewards c11 - it remains exciting! Let me know if anyone has a better understanding of the stewardship/mpg nf relationship 👍🏻
$MPW (-3,18 %) News from the c11 of Steward: stewardship has a confirmed offer for 245 million $. The first docket in support has been filed, tomorrow is the deadline for objections and Friday is the sale meeting. In other news: hedgeye has MPW officially from its list of active short positions removed.