In a media release to the Daily Business News on MHProNews, Skyline Champion Corporation (NYSE: SKY) announced that certain “shareholders (the “Selling Shareholders”) intend to offer for sale 6,000,000 shares of its common stock pursuant to the Company’s shelf registration statement filed with the Securities and Exchange Commission (“SEC”). In addition, the Selling Shareholders expect to grant the underwriters a 30-day option to purchase up to an additional 900,000 shares from the Selling Shareholders.”
MHProNews contacted an informed source to ask about this development. Per that source, the “Selling shareholders still own the vast majority [of the stock]…look at the filing. Owning public companies is not their job. 1. Buy 2. Improve and 3 Exit. Their job is done..time to move on. Given how much they own, [it] will take another 2 years to exit..so you want to get out when things are good.”
Per the SKY statement, “The Selling Shareholders will receive all of the net proceeds from this offering. No shares are being sold by the Company.”
“Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC and Jefferies LLC will act as lead bookrunning managers for the offering,” according to Skyline Champion.
What follows is an extended quote from their release to Business Wire (a Berkshire Hathaway Company), Seeking Alpha and others, which will be followed by an additional comment from an informed source, plus related information and links.
The offering is being made pursuant to an effective registration statement (including a prospectus) filed by the Company with the SEC and by means of a preliminary prospectus supplement related to the offering. Before you invest, you should read the preliminary prospectus supplement, the prospectus in that registration statement and the documents incorporated by reference in each of the preliminary prospectus supplement and the accompanying prospectus. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. When available, copies of the prospectus supplement and accompanying prospectus related to the offering may be obtained by contacting Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, Eleven Madison Avenue, New York, NY 10010, or by calling (800) 221-1037 or emailing firstname.lastname@example.org; by contacting RBC Capital Markets, LLC, Attn: Prospectus Department, 200 Vesey Street, 8th Floor, New York, NY 10281 or by calling (866) 375-6829 or emailing email@example.com; or by contacting Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by calling (877) 547-6340, or emailing Prospectus_Department@Jefferies.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Skyline Champion Corporation
Skyline Champion Corporation was formed in June of 2018 as the result of the combination of Skyline Corporation and the operating assets of Champion Enterprises Holdings, LLC. The combined company employs more than 6,800 people and is the largest independent factory-built housing company in North America. With more than 65 years of homebuilding experience and 36 manufacturing facilities throughout the United States and western Canada, Skyline Champion (SKY) is well positioned with a leading portfolio of manufactured and modular homes, park-models and modular buildings for the multi-family, hospitality, senior and workforce housing sectors.
In addition to its core home building business, Skyline Champion operates a factory-direct retail business, Titan Factory Direct, with 21 retail locations spanning the southern United States, and Star Fleet Trucking, providing transportation services to the manufactured housing and other industries from 10 dispatch locations across the United States.
Skyline Champion builds homes under some of the most well know brand names in the factory-built housing industry including Skyline Homes, Champion Home Builders, Athens Park Models, Dutch Housing, Excel Homes, Homes of Merit, New Era, Redman Homes, Shore Park, Silvercrest, Titan Homes in the U.S. and Moduline and SRI Homes in western Canada.
This press release includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the offering. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “expects,” “may,” “will,” “should,” “seeks,” “projects,” “approximately,” “intends,” “plans,” “estimates,” or “anticipates,” or, in each case, their negatives or other variations or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, including risks and uncertainties relating to the consummation of the proposed offering by the Selling Shareholders and the risks identified, or incorporated by reference, in the preliminary prospectus supplement or accompanying prospectus.
Insiders say that there is not much otherwise to report about the newly merged company, “only reported one quarter. Backlogs are strong, and shipments look solid. Most of the savings have not hit the PnL yet.” For more information, please see the related reports, linked below. MHProNews holds no position in this company, but it is among the tracked stocks on our evening market recap. To see last night’s closing industry-equities connected tickers, click here. “We Provide, You Decide.” © ## (News, analysis, and commentary.)
(Third party images and content are provided under fair use guidelines.)
1) To sign up in seconds for our MH Industry leading emailed news updates, click here.
2) To pro-vide a News Tips and/or Commentary, click the link to the left. Please note if comments are on-or-off the record, thank you.