[insider sales]
hi david,
looked quickly at your comments on insider selling... fwiw don't think it is nearly as bad as you might think... altho to confirm i really need the latest form 20f which i will call for on monday...
i do have a copy of the original prospectus and checking it over, the float started off at 2.5 million shares (1.75 shares by co. and .75 by selling shareholders)...
altho yahoo (and insidertrader) say the float is 5.8, am very wary of this number and what the number "means" (as we don't know how they constructed it)...
coming at this from another angle: insidertrader.com also mentions that currently Insiders Own: 49.1 % and as current shares outstanding total 11.4 million that means insiders probably own a little over 5.5 million shares (11.4 x .49)... going back to the prospectus, after the inititial offering they owned about 6 million shares (8,507,990-2,500,000)... it should probably be noted that this figure can be broken down: officers and directors owned 2.7 million and the remaining 3.3 million were owned by various venture capitalists (vc)..
if i've done my math correctly that should mean since the ipo "insiders" (officers/directors + vc) have only sold about .5 million shares (6-5.5) ... which if true, looks pretty good to me, especially for the vc's- a breed not necessarily known for patience (if its not in their self interest)...
also for '95 the directors and officers as a group were paid $597,583 in total (including bonuses)... as there were 11 at the time,that works out to a little more than $50k each for a years work.. which at first glance seems quite modest..
my guess is that the shares issued for dt and for the radlinx acquistion are being counted in the float: 2.5 (ipo) + 2.3 (dt) + .42 (radlinx) + .5 (sold by insiders) = 5.72 which does come pretty close to the 5.8 million published for the float
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a good free site for insider trading :
insidertrader.com
only the last year or so is accessible ...for the last year they show a little over .5 million in sales (check under both vocl and voclf)... of which .2 is vc (polaris fund) and .3 are officers/directors.. which at least would seem to be sort of in the ballpark
til later
s
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