David Cockfield DH Corporation DH-T HOLD Apr 10, 2015

This has been a disappointment. In terms of their new entry into FinTech, it has had some disappointing results. At the current price level, he feels it is reasonably valued. This is more of a “show me” story at this point.

He bought more when it fell because it was massively discounted. Also, management gave very poor guidance about what was happening to a lot of their businesses. Feels their core businesses really has good opportunities on the FinTech side, in the US specifically, and the stock can slowly go up. Pays a decent yield.

Being acquired by Vista Equity at $25.50 a share. They had some serious issues the last quarter where they missed badly. However, overall, it was a pretty good company. He would be inclined to take the offer and move on.

Before the takeover offer, the stock was not doing very well. The company put themselves up for sale and only one bidder came along. There is still time because the deal has not been finalized.

(Top Pick Feb 17/16, Down 17%) They are effectively being taken out. He liked what they were acquiring. The problem was their execution failed and they bought acquisitions through debt. It was a bit of a miss.

It was a short in the past. You are looking at a merger arbitrage trade. It is the time value now.

Being acquired at $25.30 a share. It doesn’t look like there is going to be anybody else coming in and paying a higher price. If you have another idea, then you could sell it right now and move on.

There was a big drop off that took place in late 2016, and then it partially recovered. He understands that they are in the middle of talks for a buyout, with the price being close to where it is right now. There is not a lot of potential.

(Top Pick Feb 17/16, Down 19.76%) It fell apart and was acquired. They fell apart integrating their US acquisitions. They are no longer a public corp.

(A Top Pick Feb 17/16. Down 20%.) This got privatized.