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Media

Game-Changer For Premier Exhibitions (PRXI)

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By Douglas A. McIntyre Updated Published
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Shares of Premier Exhibitions Inc. (NASDAQ: PRXI) have been higher all day on word that G. Michael Harris’ company WLM, Inc. has made two offers that total $40 million on a combined basis of $40 million to the company.  This does not look like an outright acquisition according to the press release, but it looks like a severe valuation game-change to what its exhibits would be worth.

The offers were made to Premier Exhibitions and to Sellers Capital for the right to enhance and expand RMS Titanic, a wholly owned subsidiary of Premier Exhibitions.  WLM offered $25 million for an exclusive, multi-year management agreement of RMS Titanic to include all touring, expedition and salvage rights to the wreck of the RMS Titanic.

In a separate proposal, Mr. Harris offered $3.00 per share to Sellers Capital and its affiliates, which include Contango Oil & Gas (MCF), who are the beneficiaries of 4,778,399 shares of common stock of Premier Exhibitions.  Their holding represents 16.3% of Premier’s outstanding shares, including all board and executive positions.

Mr. Harris is one of the original founders of RMS Titanic, Inc.  With a share price of $1.37 and a market cap of $40 million, this might sound confusing.  But it is a major percentage gain of some 98%.  Again, this does not entail a full buyout on the surface.  But it could and would likely adjust the valuations of Premier Exhibitions in a great way.

Jon C. Ogg

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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