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Non-Tech : NFLI - Nutrition For Life International
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To: Skeeter Bug who wrote (23)7/15/1996 1:16:00 PM
From: Daniel Levack   of 331
 
According to "Daily Graphs" (5 July) the total shares are 5.3M with a float of 3.1M. Looking at NFLI's annual report, there are a moderate number of options, so 6M sounds reasonable overall. The number of shares went up about 0.5M in the last few months when the convertable bonds were partially paid off and partially converted. There appears to be little, if any long term debt now.

There are warrents which trade under the symbol NFLIW. One warrent plus $3.75 equals one share, good until 19 May 1998 (according to Schwab). I do not know, but would like to know, how many warrents there are in this set. There may be other warrents with other conditions and it would be useful to know about them to understand the total dilution potential.

There is a large short position in the stock. Again according to "Daily Graphs", the position as of 15 June was 716,000 shares short (~23% of float), down about 7% from 15 May. There does not appear to have been enough volume since then to significantly change this position. Daily Graphs marks the NFLI short position as "...involved in arbitrage". I do not understand the arbitrage involved in this particular stock and would very much appreciate someone explaining it for NFLI. Does it involve the warrents?

I should state my position in NFLI so anyone can judge my bias. I am long the stack and first bought it in Sept 1995.
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