Float estimate accounting for restricted shares:
Message 9270677
To: Presence (354 )
From: Ga Bard Sunday, May 2 1999 10:45AM ET
Reply # of 855
Ok if you look at the filings and the math I showed the float based on OS as of that filing and subtracted the 2 yr restricted. The DTC I believe is where they quoted me the 711K, so I took it and applied the subtraction.
I agree that I am only using math in doing this calculation. It is from my understanding talking to Mark that they are in fact that much short.
SO to verify I merely did the math ... I will post my calculations again
The OS shares and float is in the 10K filed 4-15-99. I calculated
the float as follows from information in the flilings.
As of April 9, 1999, there were approximately 21,275,332 shares outstanding.
Title of Class Name of Number of Shares
Beneficial Owner
Percent of Class(1)
Common Stock CyberQuest Ltd. 1,880,000 8.88%(2)
Common Stock Michael Sheriff 900,000 4.42% (2)
Common Stock Joseph Pipes 1,800,000 8.88% (2)
Common Stock Tony Benton 436,577 2.4%
Common Stock Greg Allen 436,577 2.4%
Common Stock Lynn Elliott 3,496,050 16.24%
Common Stock Cynthia Jared 3,496,050 16.24%
Common Stock R. Wayne Duke 3,496,050 16.24%
Common Stock Midland, Inc. 1,315,800 6.40%
Directors and Executive 3,653,114 17.25%
Officers as a Group:
The above equates to 20,910,218 2 year restricted ... Take the OS
which 21,275,332 - 20,910,218 leaves 365,114 in the float.
Now without going through every document I will merely summarize my figures I was told which the company must be quoting from the DTC.
There is approx, 711,000 in the float which are available to be free
trading of which 200K I am told is in lost shareholders from the old
Freedom Funding that have yet to turn in their old cetificates for
CBQI stock at a 4:1 RS leaving 511K free trading in broker houses.
There is an S8 last year which has another 200,000 shares in
friendly company hands I am told leaving 311K in the freetrading which is only 50K less than the filings float figure. the S8 should have already been figured in the 4-19-99 os figure which would then be 5llK which is 150K over the float.
So I guess you can decide for yourself.
:-)
GB
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