Frank - one thing i'm missing, is why did they list on the cdn/coats instead of an exchange? Did being tightly held have anything to do with the choice? Here's a bit from the May '97 management proxy circular -
Number of Percentage of Outstanding
Name Common Shares Held Common Shares Held
Gene Screen Corp.(1) 1,400,000 17.8%
Sheldon Inwentash 1,241,533 15.8%
David Williams 1,000,000 12.7%
(1) Pursuant to a private placement completed on January 6, 1997,
Gene Screen Corp. ("Gene Screen") acquired 1,400,000 common shares
of the Corporation for $1.00 per share. Sheldon Inwentash is the
President and a director of Gene Screen and holds an approximate 9.6%
equity interest in Gene Screen.
The cost of starting and maintaining a listing may have been more than they were willing to pay at that point, eh. But it would be good to hear how they express their reasons for the decision, if it worked out that you could ask them. I can't pretend to be comfortable on an otc operation, there's just not enough market info. The plan to list on a real exchange is crucial here, imho. Another question - When will they get that listing? .... tia .... cheers
|
