According to the 20Oct99 PR, an affiliate of Charterhouse Group likely will
invest "at least" $15 million in TISA @ NLT $4.31 and NMT $5, the actual
price being an average of market prices just prior to the investment which
is anticipated to be prior to 31Dec99. Using the current mkt price of $5+ and
the 11Nov99 PR announcing 3Q99 results, the $15Million would buy 3,000,000 shares.
Thus, from the Balance Sheet,
----------------------- 3QTR1999 ---- $15Mill Pro Forma
Shrs. outstanding ----- 3,912,625 ---- 6,912,625
TOT S/H equity ------- $6,726,838 -- $21,726,838
TOT Liabs & S/H Eq. -- $7,700,831 -- $22,700,831
TOT S/H Eq/ per shr. ------ $1.72 ------- $3.14
Tot Liabs & S/H Eq. per shr.$1.97 ------- $3.28
Shares authorized are 125Million, and Balance Sheet Cash &
Cash Equiv's moves from $1.547Million to $16.547Million.
Sure, my voting power is less, but my equity interest per share is more. As a noncontrolling shareholder, I [by definition] have no control, anyway, so I'm not sure I really care about the voting dilution. I want to know what they are going to do with this money, whether Charterhouose Group directly or indirectly is going to invest the additional $10Million or the additional additional $25Million (for an aggregate of $50Million), and if so when. If I wanted less risk, I think I'd be buying Kleenex (go see Fred Barbash's Business Section column in Sunday's Washington Post - www.washpost.com).
Also, I'm not sure my figuring up there really means anything, but what do you want on the day before Thanksgiving when I'm the only warm body in the office?
Regards,
Harry J.
Living large in Government Park
PS - I gotta figure out how to type tables on SI. |
