By my reconning, there are 20,061,147 shares outstanding (15,236,500 o/s on Dec 31/98, 2,600,000 issued May 10, and 2,224,647 from the recent financing). There were a number of warrants that I assume expired this past April (1,800,000 warrants with an exercise price of $2.25 on April 20/99, and the price broke the $2 barrier about a week later). Any of you know whether these numbers are close to being correct?
(There were also 2,087,921 employee options outstanding on Dec 31/98, but these do not come into play with market capitalization)
The 20M shares o/s gives a market capitalization of about $85M (using $4.25 price). Does anyone know what the smallest capitalization is for inclusion in the TSE300? One company currently on the 300 is Bema Gold, which currently has a cap of about $96M (120M @ $0.80). Are there any other small sized companies that we might nudge aside here?
The market cap appears to be the main criteria for inclusion in the index. Additionally, the company must be listed on the TSE for at least a year (or 6 months in the case of a company with a large market cap, like Bre-X). See tse.com for more details.
I know this might be trying to rush things here, but inclusion in the index when there are only 20M shares o/s would create quite a demand for the shares from index investors.
Neil.
|
