Matthews South

Matthews South

  • About Us
  • Our Solutions
    • Debt
    • Equity
    • IPO
    • Pre-IPO Financing
    • Convertible & Call Spread
      • Call Spread Unwind
      • Liability Management
    • Share Repurchases
      • Accelerated Share Repurchase (ASR)
      • Enhanced Open Market Repurchase (eOMR)
    • Capital Structure Review
  • Our Clients
    • Client List
    • Testimonials
  • Our Team
  • Video Library
  • Blog
  • Contact Us
  • Login

by | June 25, 2021 |

Our Clients

March 20, 2020
$820mm Rule 144 Overnight Block Trade
Offering Size: $819,682,798
Shares Offered: 13,548,476
% of Outstanding: 10.8%
% of Float: 11.9%
Multiple of ADTV: 2.0x
Type of Shares: 100% Secondary
Offering Type: Rule 144 Block Trade
Last Trade (5/20/2020): $64.17
Monetization Price: $60.50
All-in Discount: 5.72%
Re-offer Price: $61.00
Re-offer Discount: 4.94%
Bank: Barclays

$820mm Rule 144 Overnight Block Trade

Complex Transaction Executed with Utmost Efficiency

  • South Lake One is wholly owned by South Cone Investments Limited Partnership, a Canadian limited partnership, which is controlled by the Quiroga Family of Chile
  • With Enphase stock up ~348% in LTM prior to the offering, South Lake One wanted to monetize its entire position in Enphase (12% of float)
  • Matthews South advised South Lake One on the relative merits of various hedging (e.g. collar, put spread collar, covered call writing, etc.) and monetization (outright sale, enhanced VWAP sale, etc.) strategies
  • Matthews South structured a confidential monetization solution based on the client’s key objectives and executed the transaction in 72 hours from start to finish
  • Matthews South crafted a legal approach that would allow bidders to diligence restricted stock and address potential affiliate and Section 16 considerations without any discussion with Enphase

Sizable Monetization in a Confidential Manner

  • Largest unregistered block trade in 2020 at the time of the offering
  • Offering reflects a complete monetization of South Lake One’s ~13.55mm share position in the Company, providing a successful exit for the seller

Attractive Discount Despite Broader Market Stress

  • In the midst of extreme market volatility, Matthews South conducted a confidential bid process among a carefully selected group of banks
  • Offering priced at 91% of Enphase’s all-time high stock price at that time
  • Final discount to South Lake One was 5.7%, an improvement of ~7-8% vs. the initial indications received Matthews South’s strategy eliminated execution risk and allowed South Lake One to capture $50mm+ of value

For an unregistered block trade that was 12% of float, the shares were sold at a 5.7% discount to pre-announce closing price

Contact Us

To learn more about our solutions or to schedule a demo of our software, please contact us by filling out the form below, or email us at info@matthewssouth.com.






    • Matthews South LLC is a member of FINRA and SIPC
    • Brokercheck
    • © Matthews South, Inc. 2022
    • Privacy Policy
    • Additional Disclosure
    • Testimonials may not be representative of the experience of other customers and are not a guarantee of future performance or success