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SIG

Signet Jewelers

$77.82

2.1 (2.77%)

08:30
10/05/16
10/05
08:30
10/05/16
08:30

Signet Jewelers announces closing of $625M Leonard Green strategic investment

Signet Jewelers Limited announced that it has closed the previously announced transaction with Leonard Green & Partners, L.P. , pursuant to which affiliates of LGP invested $625M in the form of convertible preferred shares. In connection with the closing of the transaction, Jonathan Sokoloff, Managing Partner of LGP, was added to the Signet board of directors. The investment in Signet by certain funds affiliated with LGP is in the form of convertible preferred shares that accrue a 5% p.a. dividend, payable quarterly in arrears, in cash or by increasing the stated value, at the option of Signet. The preference shares are convertible into 6.7 million Signet common shares based on a conversion price of $93.8712. This represents a premium of 18% to the volume weighted average price of the common shares for the 20 trading days following Signet's second quarter earnings announcement on August 25, 2016. LGP will be subject to a two-year lock-up period and Signet will also have the right to force conversion after two years if the volume weighted average price of Signet common shares is greater than $164.2746 for 20 consecutive trading days.

SIG Signet Jewelers
$77.82

2.1 (2.77%)

09/13/16
COWN
09/13/16
DOWNGRADE
COWN
Market Perform
Signet Jewelers downgraded to Market Perform from Outperform at Cowen
09/13/16
COWN
09/13/16
DOWNGRADE
Target $85
COWN
Market Perform
Signet Jewelers downgraded to Market Perform at Cowen
As reported previously, Cowen analyst Oliver Chen downgraded Signet Jewelers to Market Perform from Outperform, as he believes shares will be range bound despite the stock's cheap valuation. Chen cited industry traffic/volatility trends, credit sale uncertainty, and Q4 risk/reward. Chen lowered his price target to $85 from $96 on Signet Jewelers shares.
09/13/16
09/13/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Netflix (NFLX) downgraded to Underperform from Neutral at Macquarie with analyst Tim Nollen saying market penetration could be limited given new streaming video on demand competitors and local operator's streaming efforts. 2. Intuit (INTU) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Keith Weiss citing full valuation. 3. Applied Genetic (AGTC) downgraded to Market Perform from Outperform at Wells Fargo, to Sell from Buy at Janney Capital, to Hold from Buy at Cantor, and to Neutral from Buy at Roth Capital. 4. Signet Jewelers (SIG) downgraded to Market Perform from Outperform at Cowen with analyst Oliver Chen saying he believes shares will be range bound despite the stock's cheap valuation. 5. Red Robin (RRGB) downgraded to Underperform from Buy at BofA/Merrill with the firm citing the difficult casual dining environment, lack of near-term catalysts, and risk to third quarter earnings. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/28/16
LYON
09/28/16
INITIATION
LYON
Outperform
Signet Jewelers initiated with an Outperform at CLSA
CLSA analyst Rick Patel initiated Signet Jewelers with an Outperform rating and a $87 price target.

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