Current Report


 

 

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) April 23, 2018

 

 

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 April 23, 2018, Altaba Inc., a Delaware corporation (“Altaba” or the “Fund”), published its unaudited consolidated statement of assets and liabilities for the quarter ended March 31, 2018. The unaudited consolidated statement of assets and liabilities is attached hereto as Exhibit 99.1.

Share Repurchases

On February 20, 2018, the Board of Directors of the Fund authorized a new share repurchase program (the “February 2018 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 February 2018 Share Repurchase Program through March 31, 2018 the Fund repurchased approximately 7 million shares of its common stock at an average price of $76.57 per share, for a total of approximately $538 million. From April 1, 2018 through April 20, 2018, the Fund repurchased approximately 8 million shares of its common stock at an average price of $70.64 per share, for a total of approximately $578 million, leaving an unutilized authorization as of April 20, 2018 of $3.9 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.

 

2


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: April 23, 2018     By:  

/s/ Alexi A. Wellman

    Name:   Alexi A. Wellman
    Title:   Chief Financial and Accounting Officer

 

3

Exhibit 99.1

Altaba Inc.

Unaudited Consolidated Statement of Assets & Liabilities

(in thousands, except per share amounts)

 

     March 31, 2018     December 31, 2017  

ASSETS

    

Cash

   $ 2     $ 137  

Foreign currency (cost $263)

     273       268  

Receivable for investment securities sold

     4,771       —    

Interest receivable

     22,847       13,810  

Unaffiliated investments, at value including:

     7,414,713       4,799,771  

Marketable securities, $6,808,028 as of March 31, 2018

    

Equity securities and call options, $606,685 as of March 31, 2018

 

 

Affiliated investments

     79,884,223       75,587,070  

Investment in controlled affiliate

     640,000       665,000  

Dididend receivable

     160,446       —    

Other assets

     157,497       137,030  
  

 

 

   

 

 

 

Total assets

   $ 88,284,772     $ 81,203,086  
  

 

 

   

 

 

 

LIABILITIES

    

Convertible notes

   $ 1,388,078     $ 1,369,986  

Margin loan payable

     3,011,077       —    

Deferred tax liabilities on unrealized appreciation

     16,709,235       15,692,493  

Deferred and other tax liabilities

     1,259,994       1,254,270  

Written warrants (premiums received $124,775)

     371,976       276,009  

Payable to directors, officers and employees

     9,720       5,342  

Payable to advisors

     275       833  

Other liabilities

     122,342       118,234  
  

 

 

   

 

 

 

Total liabilities

   $ 22,872,697     $ 18,717,167  
  

 

 

   

 

 

 

Net assets

   $ 65,412,075     $ 62,485,919  
  

 

 

   

 

 

 

Shares outstanding

     817,891,818       824,921,315  

NAV per share

   $ 79.98     $ 75.75  

Shares outstanding rollforward:

    

Shares outstanding at December 31, 2017

     824,921,315    

Share repurchases

     (7,029,497  
  

 

 

   

Shares outstanding at March 31, 2018

     817,891,818