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Visa Options; a New Favorite; 'Green Eggs and Ham': Best of Kass

NEW YORK (TheStreet) -- Doug Kass of Seabreeze Partners is known for his accurate stock market calls and keen insights into the economy, which he shares with RealMoney Pro readers in his daily trading diary.

Among the posts this past week were entries about Visa's call options, Northwest Bancshares and a Dr. Seuss classic.

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Monitise Update: Visa Weighs Its Options
Originally published on Friday, Sept. 27 at 10:24 a.m. EDT.

Visa (V) owns two separate options on Monitise (MONI.L):

Six million shares that don't have a date attached; and 43 million shares that are exercisable until August 2014.

The six-million-share bucket was exercised yesterday (see below description). From my perch, it is a good sign that Visa exercised this bucket early.

It is hard to believe that the second tranche of call options (43 million shares) won't be exercised in due course. (I don't know why Visa would feel a need to exercise early.)

Here are the descriptions of the two options tranches:

  • Sept. 27, 2013 -- 6 million options

    Application has been made for 6,000,000 new ordinary shares of 1p each in the Company ("Ordinary Shares") to be admitted to trading on AIM ("Admission") pursuant to the exercise of warrants granted to Visa Europe, as previously announced on March 6, 2013. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in the Company and it is expected that dealings in these new Ordinary Shares will commence on October 1, 2013.

  • March 6, 2013 -- 43 million options

    At the same time as the Agreement for this extended commercial partnership is entered into, Monitise will grant Visa Europe a warrant to purchase 43m ordinary shares of 1 pence each in the Company ("Ordinary Shares") at a price of 36.25p per Ordinary Share, representing the closing mid-market price of March 4, 2013.

    This warrant will be exercisable from the point at which the Agreement is entered into between Monitise and Visa Europe until August 4, 2014. In addition, the Company will grant Visa Europe a further warrant to purchase an additional 6 million Ordinary Shares at a price of 1 pence per Ordinary Share, being the nominal value.

    At the time of original publication, Kass was long MONI.L.

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