I wish they had just filed how many they have left. It is actually more complicated than first glance:
>>They said that the value of their shares remaining as of
>>June 9 had decreased 154 million. So, as of June 9 they
>>had 154/50 or 3 million shares.
They said "Between March 31, 2000 and June 9, 2000, the quoted market prices of SanDisk and Gadzoox common stocks declined. As a result, the Company experienced a decrease in the fair values of its remaining investments in SanDisk and Gadzoox of $154 million and $62 million, respectively."
So they may well have sold shares between 3/31 and 6/9, bringing the number remaining at 6/9 to 154M/49 or less
They also said:
"During the quarters ended December 31, 1999 and March 31, 2000, Seagate sold 2,000,000 and 12,400,000 shares, respectively"
and
"On March 29, .... entered into an Agreement and Plan of Merger",
and
"Since entering into the merger agreement through June 30, 2000, Seagate had sold an aggregate of 2,475,000 shares"
so.. any shares sold on 3/30 or 3/31 could be included in both these figures. Further, it is not valid to subtract the 2,475,000 from the 3,000,000 left at 6/9, because those 2,475,000 could have been sold anytime after 3/29 and possibly before 6/9. It should be noted that this time period saw a significant slide in SNDK so it is very likely that a significant amount of Seagate selling happened between 3/29 and 6/9.
So we can only safely say that there are at most 3 million shares outstanding. |
