News Release: de Sousa Costa ups the ante. See below. Must have very strong faith in the intellectual property, and in the market for Flatplug.
What is his ultimate goal? Possibly to buy out remaining shareholders and take PAG private. After all, if he and R.G.Dickie own 4.3 mln shares (31%) at a recent price of $.18, this is about $800 K.
So, for less than $2 million, he could own the whole company, and any profits would be his alone. Development has been done, marketing has been largely done, so who needs more public capital?
There are a lot of advantages to a firm being private, if it is small and mostly not visible to investors anyway!
On the other hand, if Paige Inn. starts making lots of profit from Flatplug "II", Mr. de Sousa Costa will get dividends, plus any capital gains. Flatplug II could make profits for years, if things work out. With 13 mln shares, annual earnings of $1 million and PE of 10 would mean a price of $1 per share.
Annual earnings of $10 mln or more could eventually result. Japan is a big market. Much depends on litigation ( for example, Noma competing flatplug design.)
IMHO
Frederick Bealle
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De Sousa Costa obtains option to acquire Formosa Cablecord shares
Paige Innovations Inc
PAG
Shares issued 13879504
1997-05-09 close $0.16
Thursday May 15 1997
News Release
Mr Alberto de Sousa Costa reports
1186941 Ontario Inc, a company controlled by Mr de Sousa Costa, obtained an option to
acquire all of the outstanding shares of Formosa Cablecord Inc. Formosa, inter alia, owns
2,228,670 shares of Paige, representing approximately 16.1% of the current outstanding
shares of Paige. Such option is exercisable on December 15 1997 for a purchase price of 115%
of the then current market price of Paige shares and is subject to certain conditions. Mr de
Sousa Costa is president and CEO and a director of Paige.
As part of this transaction, Mr de Sousa Costa through 1186941 acquired the right to
exercise voting control over the 2,228,670 shares of Paige, such right exercisable prior to the
exercise of the option. Also in connection with this transaction, Mr de Sousa Costa through
1186941 acquired the right to exercise all of the voting rights, subject to certain conditions,
over an additional 2,045,150 shares of Paige controlled by Formosa and owned (directly and
indirectly) by Robert G. Dickie. When the votes associated with the 2,228,670 shares subject
to the option and the 2,045,150 shares currently under the voting trust arrangement are
combined with the votes associated with the shares currently owned directly and indirectly
by Mr de Sousa Costa, Mr de Sousa Costa will have voting control over 4,300,820 shares of
Paige, representing approximately 31.0% of the outstanding shares of Paige. Paige currently
has 13,879,504 shares outstanding.
Both the option and the voting trust arrangement may be terminated in advance of their
respective terms in the event of certain stated occurrences.
De Sousa Costa obtains option to acquire Formosa Cablecord shares
Paige Innovations Inc
PAG
Shares issued 13879504
1997-05-09 close $0.16
Thursday May 15 1997
News Release
Mr Alberto de Sousa Costa reports
1186941 Ontario Inc, a company controlled by Mr de Sousa Costa, obtained an option to
acquire all of the outstanding shares of Formosa Cablecord Inc. Formosa, inter alia, owns
2,228,670 shares of Paige, representing approximately 16.1% of the current outstanding
shares of Paige. Such option is exercisable on December 15 1997 for a purchase price of 115%
of the then current market price of Paige shares and is subject to certain conditions. Mr de
Sousa Costa is president and CEO and a director of Paige.
As part of this transaction, Mr de Sousa Costa through 1186941 acquired the right to
exercise voting control over the 2,228,670 shares of Paige, such right exercisable prior to the
exercise of the option. Also in connection with this transaction, Mr de Sousa Costa through
1186941 acquired the right to exercise all of the voting rights, subject to certain conditions,
over an additional 2,045,150 shares of Paige controlled by Formosa and owned (directly and
indirectly) by Robert G. Dickie. When the votes associated with the 2,228,670 shares subject
to the option and the 2,045,150 shares currently under the voting trust arrangement are
combined with the votes associated with the shares currently owned directly and indirectly
by Mr de Sousa Costa, Mr de Sousa Costa will have voting control over 4,300,820 shares of
Paige, representing approximately 31.0% of the outstanding shares of Paige. Paige currently
has 13,879,504 shares outstanding.
Both the option and the voting trust arrangement may be terminated in advance of their
respective terms in the event of certain stated occurrences. |
