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JAX

J. Alexander's

$9.40

(0.00%)

, FNF

Fidelity National

$33.18

-0.36 (-1.07%)

08:27
11/30/18
11/30
08:27
11/30/18
08:27

J. Alexander's announces termination of consulting agreement with Black Knight

J. Alexander's Holdings (JAX) announced the termination of its Management Consulting Agreement with Black Knight Advisory Services and updated selected financial guidance relative to fiscal 2018 to reflect the impact of terminating the Consulting Agreement. On November 30, 2018, the Company terminated its Consulting Agreement with Black Knight, which had been entered into in September 2015, in connection with the Company's separation from Fidelity National Financial (FNF) .Pursuant to the termination provisions of the Consulting Agreement, the termination of the Consulting Agreement will require a cash payment of $4,560,000 to Black Knight that will eliminate the Company's obligation to pay Black Knight 3.0% of the Company's Adjusted EBITDA for the remaining 6.8 year term of the Consulting Agreement. The Company will also be required to make a separate cash payment of approximately $700,000 to Black Knight for the pro-rata portion of the 2018 consulting fee. These obligations will be paid in early 2019 through the use of cash on hand. In accordance with the terms of the Consulting Agreement and the 2015 Unit Grant Agreement, also entered into in connection with the Spin-off and pursuant to which Black Knight was granted 1,500,024 Class B profits interest units of the Company's operating subsidiary, J. Alexander's Holdings, Black Knight has 90 days from the Consulting Agreement termination date of November 30, 2018 to exercise its exchange rights relative to the fully-vested profits interest units it holds. Under the Grant Agreement, the profits interest units may be exchanged by Black Knight for shares of the Company's common stock if the market capitalization of the Company exceeds a hurdle amount of approximately $151,052,000 at the time of exchange. The number of shares of Company common stock issuable on exchange will be determined in accordance with the terms of the Grant Agreement and the J. Alexander's Holdings operating agreement. Should the rights not be exercised during the 90-day window, the profits interest units will expire unexercised. In any event, no further shares can be issuable pursuant to the Grant Agreement following the 90-day window. For more information relative to this transaction, see the Company's Current Report on Form 8-K filed on November 30, 2018. For more information relative to the profits interest units held by Black Knight, see the Grant Agreement and the Second Amended and Restated Limited Liability Company Agreement of J. Alexander's Holdings, LLC, copies of which have been previously filed by the Company with the Securities and Exchange Commission.

JAX

J. Alexander's

$9.40

(0.00%)

FNF

Fidelity National

$33.18

-0.36 (-1.07%)

  • 03

    Dec

JAX J. Alexander's
$9.40

(0.00%)

FNF Fidelity National
$33.18

-0.36 (-1.07%)

07/17/18
07/17/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Netflix (NFLX) upgraded to Buy from Hold at Stifel and to Outperform from Market Perform at BMO Capital. 2. Wolverine World Wide (WWW) upgraded to Strong Buy from Buy at CL King. 3. Fidelity National (FNF) and First American (FAF) upgraded to Outperform from Market Perform at Keefe Bruyette. 4. Bloomin' Brands (BLMN) upgraded to Outperform from Market Perform at Raymond James with analyst Brian Vaccaro saying the 20% decline in shares since early May reflects reduced expectations related to Brazil and provides an attractive entry point given his outlook for strong U.S. Outback comps. 5. Restaurant Brands (QSR) upgraded to Outperform from Market Perform at Cowen with analyst Andrew Charles saying he believes Tim Horton sales have bottomed and cited upcoming drivers such as its debt capacity that could be used for M&A and expectations for unit growth to outpace consensus. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
07/16/18
KBWI
07/16/18
UPGRADE
Target $61
KBWI
Outperform
First American upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Bose George upgraded First American Financial (FAF) to Outperform with an unchanged price target of $61. The analyst cites valuation for the upgrade. He trimmed his estimates for the tile insures to incorporate slightly lower purchase mortgage volumes. George tonight also upgraded Fidelity National Financial (FNF) to Outperform from Market Perform.
07/16/18
KBWI
07/16/18
UPGRADE
Target $43
KBWI
Outperform
Fidelity National upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Bose George upgraded Fidelity National Financial to Outperform and raised his price target for the shares to $43 from $42. The analyst cites valuation for the upgrade. He trimmed his estimates for the tile insures to incorporate slightly lower purchase mortgage volumes.
02/21/18
ZELM
02/21/18
NO CHANGE
ZELM
FNF Group added to Top Idea Basket, TPH removed at Zelman

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