Hanover

Hanover's stock price closed at $35.26 today. As recently as March 5 it was at $40.50. Pricing for the secondary offering this afternoon was set at $35.15. Net of the 4% spread, sellers receive $33.74 per share. JEDI's net proceeds on 1,173,344 shares sold is $41.2 million (ENA 60% share is $24.7 million).

Although ENA's Hanover position is hedged in raptor, the put price of the costless collar is $34.875. The unhedged loss is $800 thousand.

JEDI's share of the overallotment is 289,500. The full overallotment was allocated. Whether the underwriters' exercise their option is dependent on stock performance for the 30-day option period.

JEDI's remaining 4.3 million Hanover shares are subject to a 120-day lockup.