I, too, am a long term holder. For those who don't know the company well, the following IPO press release explains how small the float is:
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October 1, 1999
Williams Communications Shares Begin Trading on NYSE
TULSA, Okla. - Williams Communications Group, Inc. (NYSE:WCG), a subsidiary of Williams (NYSE:WMB), today announced an initial public offering of 29,600,000 shares of common stock at a price of $23 per share. The company anticipates the stock to begin trading today on the New York Stock Exchange under the symbol WCG.
Salomon Smith Barney Inc., Lehman Brothers Inc. and Merrill Lynch & Co. are managing Williams Communications' initial public offering. Williams Communications has granted the underwriters a 30-day option to purchase up to 4,440,000 additional shares of common stock to cover over-allotments, if any.
Williams is retaining approximately 86 percent ownership of its communications business. The initial public offering represents approximately seven percent of WCG common stock. An additional seven percent is being sold through private placements to SBC Communications, Intel Corporation and Telefonos de Mexico, S.A. de C.V. (TELMEX).
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