Vulcan Ventures - Anomaly
There is no mention of Vulcan Ventures in the SPO Prospectus that NETP filed with the SEC in March. By the calculations contained in my previous post (copied below) V V had about 1 million shares - or about 4%. I think it odd that it should have been left out of a Prospectus because it came in just under the 5% mark. (It would be interesting to know if VV had sold more than is included in my calculations). I also note that NETP said that Norwest owned shares when we now know that it didn't. Those Norwest shares were the shares, held in trust, and being sold in the SPO.
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From the SPO Prospectus
PRINCIPAL AND SELLING STOCKHOLDERS
The following table sets forth information regarding the beneficial ownership of our common stock as of March 15, 2000, and as adjusted to reflect the sale of shares in this offering by:
- each person who is known by us to beneficially own more than five percent of the outstanding shares of our common stock;
- each of our directors and each named executive officer;
- all of our current directors and executive officers as a group; and
- all stockholders who are selling shares of our common stock in this offering.
This information is based upon information received from or on behalf of the individuals named herein.
Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission. Except as indicated in the footnotes to this table, we believe that each person or entity named in the table has sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them, subject to applicable community property laws. The percentage of beneficial ownership set forth below is based upon 4,090,513
shares of common stock outstanding as of March 15, 2000 and 26,090,513 shares of common stock outstanding after the completion of this offering, assuming no exercise of the underwriters' over-allotment option. In computing the number of shares of common stock beneficially owned by a person and the percentage ownership of that person, shares of common stock that are subject to options held by that person that are currently exercisable or exercisable within 60 days of March 15, 2000, are deemed outstanding. These shares are not, however, deemed outstanding for the purpose of computing the percentage ownership of any other
person.
London Pacific Life & Annuity
Company(2)......................... 2,605,864 10.0%
Norwest Bank Minnesota, N.A.(3)...... 2,490,378 9.5
Steven J. Snyder..................... 1,902,944 7.9
Bradley N. Miller.................... 1,390,348 4.8
John T. Riedl........................ 1,000,97 4
P. Stephen Larsen etc
(3) This information is based upon information reported on Wells Fargo & Company's Schedule 13G filing made with the Securities and Exchange Commission as of December 31, 1999.
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To: DD who started this subject
From: victor Tuesday, Aug 1, 2000 5:56 PM ET
Reply # of 2631
Part 1 - Vulcan Ventures (Paul Allen) NETP Holdings
Given the lack of clarity on the Vulcan Ventures (VV)holdings I have started to dig into NETP SEC Filings and past posts here and on Yahoo and RB. The message boards often referred to reports by Insider Trader. I do not subscribe to its premium service. Anybody who can provide a link to an authoritative documented source of VV holdings, please do so. In the meantime, the following should be regarded as a work in progress. I will collate any further information anyone can contribute.
At the time NETP went public in April, 1999, Vulcan Ventures held 1,932,368 Series B Preferred Shares: 407,168 Series C Preferred Shares for a total of 2,339,536 shares.
This amounted to 13.5% of the company before the IPO and 11% after.
In December, VV filed an intention to sell a total of 746,900 shares: in December a total of 596,318 shares for a combined total of 1,343,218.
In July, VV has filed intention to sell a total of approximately 188,000.
Assuming that all the shares covered by these notices were sold, then the total sold is 1,531,218.
That would leave V V with approx. 800,000 shares.
Does anybody have a record of any sales in February or early March? (VV could not sell any after the SPO was announced in March or for 90 days after it was complete. Sales were possible for a brief period on or about 21st June until the embargo which follows on the announcement of quarterly results).
The shares released into the pool by the December and January sales increased liqudity. They were bought up by institutional investors - which went from 12% holding to 35% holding |
