Comments on: Janus Departure Evokes Shakespeare http://www.footnoted.org/uncategorized/janus-departure-evokes-shakespeare/ Michelle Leder's guide to what's hiding in SEC filings Tue, 16 Mar 2010 22:19:36 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Steve in Silverton, Oregon http://www.footnoted.org/uncategorized/janus-departure-evokes-shakespeare/comment-page-1/#comment-8981 Steve in Silverton, Oregon Sun, 19 Jul 2009 16:18:53 +0000 http://www.footnoted.org/?p=4033#comment-8981 Nice to know that after Black had fought “for more than three years to rebuild the mutual-fund company and cut the pay and influence of individual investment managers.”, he took such a large pay out for himself to leave. His previous agreement must not have been enough reward for doing his job. Nice to know that after Black had fought “for more than three years to rebuild the mutual-fund company and cut the pay and influence of individual investment managers.”, he took such a large pay out for himself to leave. His previous agreement must not have been enough reward for doing his job.

]]> By: Vintage Filings http://www.footnoted.org/uncategorized/janus-departure-evokes-shakespeare/comment-page-1/#comment-8968 Vintage Filings Wed, 15 Jul 2009 18:59:12 +0000 http://www.footnoted.org/?p=4033#comment-8968 Wow! Its like Black jumped off a suede couch onto a memory foam love sack. I really couldn't think of a better exit strategy than anonymity in Colorado with a 6.8 million price tag. Wow! Its like Black jumped off a suede couch onto a memory foam love sack. I really couldn’t think of a better exit strategy than anonymity in Colorado with a 6.8 million price tag.

]]> By: Frank Graham http://www.footnoted.org/uncategorized/janus-departure-evokes-shakespeare/comment-page-1/#comment-8966 Frank Graham Wed, 15 Jul 2009 15:15:43 +0000 http://www.footnoted.org/?p=4033#comment-8966 There are still Sell recos on this one. "Janus Capital posts $2.3 billion in net inflows" Also "Janus will pay Black a total of $12.1 million in severance and other payments, which will be reflected in the company's third-quarter results." Janus' shares fall as chief executive resigns 10:05a ET July 15, 2009 (MarketWatch) SAN FRANCISCO (MarketWatch) -- Shares of Janus Capital Group fell 7% on Wednesday, under pressure as the asset manager's chief executive resigned unexpected and as it plans to raise about $300 million of new capital. Gary Black resigned as CEO, the company said Tuesday. He will be replaced by Tim Armour, a Janus Capital director, who will fill the position on an interim basis. "The announcement that Gary Black had stepped down as CEO ... was a surprise," Keefe Bruyette & Woods analyst Robert Lee said on Wednesday. "That the company is just now intending to start a search for a replacement suggests to us that this was a recent decision, although we ultimately expect the change in CEO to have limited effect as the investment teams and process are likely to be unaffected," Lee added. Janus also said it's raising roughly $300 million by selling new common stock and convertible debt. The firm reported second-quarter net income from continuing operations of $15.8 million, or 10 cents a share, compared with a net loss from continuing operations of $818.1 million, or $5.22 a share, in the first quarter of 2009 and net income from continuing operations of $65.6 million, or 40 cents a share, in the second quarter of 2008, Janus said. Results in the first quarter of 2009 included a goodwill and intangible asset-impairment charge of $856.7 million, or $5.21 a share, and other charges. The company said second-quarter operating profit margin was 23.5%, down from 34.5% in the year-earlier quarter. Janus also said that it's offering $150 million of new common stock and $150 million principal amount of convertible senior notes due in 2014. The notes will be convertible, under certain circumstances, into cash, shares of Janus Capital common stock or a combination of cash and Janus common, at the company's election, it explained. Janus said it will grant the underwriters an option to purchase up to an additional 15% of the share offering and an extra $22.5 million principal amount of the convertible notes to cover over-allotments, if any. Janus will use the money along with other cash to buy back up to $400 million of the aggregate principal amount of the firm's outstanding 2011, 2012 and 2017 senior notes in a tender offer, the company said. "Everything being equal, the equity and convertible offering, while relatively neutral to earnings in the near term, are nevertheless dilutive to returns to equity holders and eventually we presume the convertible security will convert to stock," Lee said. There are still Sell recos on this one.

“Janus Capital posts $2.3 billion in net inflows”

Also “Janus will pay Black a total of $12.1 million in severance and other payments, which will be reflected in the company’s third-quarter results.”

Janus’ shares fall as chief executive resigns
10:05a ET July 15, 2009 (MarketWatch)
SAN FRANCISCO (MarketWatch) — Shares of Janus Capital Group fell 7% on Wednesday, under pressure as the asset manager’s chief executive resigned unexpected and as it plans to raise about $300 million of new capital.

Gary Black resigned as CEO, the company said Tuesday. He will be replaced by Tim Armour, a Janus Capital director, who will fill the position on an interim basis.

“The announcement that Gary Black had stepped down as CEO … was a surprise,” Keefe Bruyette & Woods analyst Robert Lee said on Wednesday.

“That the company is just now intending to start a search for a replacement suggests to us that this was a recent decision, although we ultimately expect the change in CEO to have limited effect as the investment teams and process are likely to be unaffected,” Lee added.

Janus also said it’s raising roughly $300 million by selling new common stock and convertible debt.

The firm reported second-quarter net income from continuing operations of $15.8 million, or 10 cents a share, compared with a net loss from continuing operations of $818.1 million, or $5.22 a share, in the first quarter of 2009 and net income from continuing operations of $65.6 million, or 40 cents a share, in the second quarter of 2008, Janus said.

Results in the first quarter of 2009 included a goodwill and intangible asset-impairment charge of $856.7 million, or $5.21 a share, and other charges.

The company said second-quarter operating profit margin was 23.5%, down from 34.5% in the year-earlier quarter.

Janus also said that it’s offering $150 million of new common stock and $150 million principal amount of convertible senior notes due in 2014. The notes will be convertible, under certain circumstances, into cash, shares of Janus Capital common stock or a combination of cash and Janus common, at the company’s election, it explained.

Janus said it will grant the underwriters an option to purchase up to an additional 15% of the share offering and an extra $22.5 million principal amount of the convertible notes to cover over-allotments, if any.

Janus will use the money along with other cash to buy back up to $400 million of the aggregate principal amount of the firm’s outstanding 2011, 2012 and 2017 senior notes in a tender offer, the company said.

“Everything being equal, the equity and convertible offering, while relatively neutral to earnings in the near term, are nevertheless dilutive to returns to equity holders and eventually we presume the convertible security will convert to stock,” Lee said.

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