UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 20, 2017
Altaba Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 811-23264 | 77-0398689 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 140 East 45th Street, 15th Floor, New York, New York | 10017 | |||
| (Address of principal executive offices) | (Zip Code) | |||
Registrants telephone number, including area code (646) 679-2000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
Unaudited Consolidated Statement of Assets and Liabilities
On November 20, 2017, Altaba Inc. (“Altaba” or the “Fund”), published its unaudited consolidated statement of assets and liabilities for the quarter ended September 30, 2017. The unaudited consolidated statement of assets and liabilities is attached hereto as Exhibit 99.1.
Share Repurchases
On July 26, 2017, the Board of Directors of the Fund authorized a new share repurchase program (the “Share Repurchase Program”), pursuant to which the Fund may, from time to time, purchase up to $5 billion of its common stock. From the commencement of the Share Repurchase Program in August 2017 through September 30, 2017 the Fund repurchased approximately 25.5 million shares of its common stock at an average price of $63.53 per share, for a total of approximately $1.6 billion. From October 1, 2017 through November 16, 2017, the Fund repurchased approximately 25.1 million shares of its common stock at an average price of $68.94 per share, for a total of approximately $1.7 billion, leaving an unutilized authorization as of November 16, 2017 of $1.7 billion.
The information disclosed under this Item 2.02 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
The following exhibit is furnished with this report on Form 8-K:
| 99.1 | Altaba Inc. unaudited consolidated statement of assets and liabilities. |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ALTABA INC. | ||||
| Date: November 20, 2017 |
By: | /s/ Alexi A. Wellman | ||
| Name: | Alexi A. Wellman | |||
| Title: | Chief Financial and Accounting Officer | |||
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Exhibit 99.1
Altaba Inc.
Unaudited Consolidated Statement of Assets and Liabilities
(in thousands, except per share amounts)
| September 30, 2017 | June 30, 2017 | |||||||
| ASSETS |
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| Cash |
$ | 362 | $ | 100 | ||||
| Receivable for investment securities sold |
55,000 | — | ||||||
| Interest receivable |
21,507 | 24,663 | ||||||
| Unaffiliated investments, at value including: |
8,146,181 | 9,533,384 | ||||||
| Marketable securities, $7,694,468 as of September 30, 2017 |
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| Equity securities and call options, $451,713 as of September 30, 2017 |
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| Affiliated investments |
75,991,399 | 62,960,559 | ||||||
| Investment in controlled affiliate |
675,000 | 665,000 | ||||||
| Other assets |
146,901 | 190,556 | ||||||
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| Total assets |
$ | 85,036,350 | $ | 73,374,262 | ||||
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| LIABILITIES |
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| Convertible notes |
$ | 1,352,129 | $ | 1,334,506 | ||||
| Deferred tax liabilities on unrealized appreciation |
27,669,083 | 22,922,332 | ||||||
| Deferred and other tax liabilities |
494,711 | 504,576 | ||||||
| Written warrants (premiums received $124,775) |
271,496 | 127,879 | ||||||
| Other liabilities |
110,317 | 186,388 | ||||||
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| Total liabilities |
$ | 29,897,736 | $ | 25,075,681 | ||||
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| Net assets |
$ | 55,138,614 | $ | 48,298,581 | ||||
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| Shares outstanding |
873,378,068 | 895,115,453 | ||||||
| NAV per share |
$ | 63.13 | $ | 53.96 | ||||
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| Shares outstanding rollforward: |
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| Shares outstanding at June 30, 2017 |
895,115,453 | |||||||
| Share repurchases |
(25,458,140 | ) | ||||||
| Shares issued for option exercises(*) |
3,720,755 | |||||||
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| Shares outstanding at September 30, 2017 |
873,378,068 | |||||||
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| (*) | The exercise period for stock options ended on September 13, 2017. |