Yeh - it's Alliance selling out. As you may be aware, they used to be owned by Alliance, but Alliance needs the money and the two management's didn't get along. Also, you've got to own distribution and residuals and with Alliance sitting there, Mainframe wouldn't get much. That's why they did the managment buyout last year and are now going public. Chris Brough CEO and Ian Pearson (Pres) are also selling 100,000 shares each which is nothing given the 6 milllion shares they own.
Total shares after the issue will be: 14,885,682. Ownership will be: Public 52.54% (7,820,680), Management 39.64% (5,900,002), Alliance 7.83% (1,165,000). I would guess that if demand warrants it (which it appears is the case), they'd like to get Alliance out of the way. Alliance needs the money anyway to develop TV shows and movies.
Total market cap at C$10.00 will then be C$148mil and US$109mil. |
