GRIN (Grand Toys International Inc) Message Board

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Non-Tech : GRIN (Grand Toys International Inc)

GRIN 27.01

0.0%

Dec 2 3:59 PM EST

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To: Kevin Podsiadlik who wrote (467)	11/23/1999 12:08:00 AM
From: Frank McVerry	Read Replies (1) of 495

Kevin, <<One more try at clearing this up: what is the TOTAL inflow GRIN can receive from the options in question, $11 million or $19 million? If the former, then $8 million has already been accounted from in the latest 10-Q and there is no way for them to receive an additional $8M-$11M because there simply isn't enough left. If the latter, then I'd suggest you should have said as much to avoid this confusion.>> $19 million? Where did that come from? Here's my quick 'back of envelope' calculation. I recall GRIN had about 1.9M options with weighted average price of $6.50. This comes to about $12.35M which I conservatively reduced to $11M, to allow for some option forfeits/grants/expirations etc. Best as I can tell right now, they have exercised 1.49M options (new outstanding 3.07M, old outstanding 1.58M) and received $8M in cash into the company. This implies the remaining 410k options are worth about $3M to GRIN (means an average exercise price of about $7.31 for the remainder). So to summarize, GRIN have received $8M cash from present option exercises and will get a further $3M cash if all the remaining options are exercised. Frank McV

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