[Soros? and Orckit: old news]
That old globe article seems to have left out one name from the original investor's group: Mr. Soros. Believe that Quantum = Soros... If so, he was in as early as 93, which is before even orctf hdsl was shipping....orctf was mostly doing contract work. Have not run into any mention of "complexities" similar to soros/amtx. Have no idea if quantum still owns...
The orctf prospectus (fall of 1996) lists quantum as owning shares purchased at two times: 93 and 95. The exact count is not clear: three groups, one of which was quantum, purchased a total of 614,000 shares in 1993. Say maybe, 200,000 ñ ?(1/3) for quantum. Quantum purchased another 46000 shares in 1995. Both transactions @ $2.50/share for an approximate total of 246,000 ñ shares or approximately 2 % of the company: 246,000/14,271,000= .0172 (at today's share count):
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p. 54 Prospectus
"CERTAIN TRANSACTIONS
Mofet, Quantum Investment Company Ltd. (``Quantum'') and investors represented by Oscar Gruss & Son Inc. (``Oscar Gruss Investors'') purchased an aggregate of 614,400 Ordinary Shares from the Company at a price of $2.50 per share pursuant to an agreement dated December 6, 1993. .... Quantum bought an additional 46,000 shares from the Company at a price of $2.50 per Share pursuant to an agreement dated October 29, 1995. ... The Company has granted the investors listed above certain registration rights. See ``Shares Eligible for Future Sale.''
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p.56
SHARES ELIGIBLE FOR FUTURE SALE
Upon completion of the Offering, the Company will have 14,134,960 Ordinary Shares outstanding. Of these shares, the 3,300,000 Ordinary Shares sold in the Offering will be freely tradable in the United States unless purchased by affiliates of the Company (as such term is defined under the Securities Act). Of the 10,834,960 shares not sold in the Offering, approximately 2,790,400 Ordinary Shares may be eligible for immediate sale in the Unites States public securities markets pursuant to exemptions from registration...
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Certain of the Company's shareholders (together, the ``Holders'') have demand registration rights with respect to an aggregate of approximately 3,075,000 Ordinary Shares (the ``Registrable Securities'') which may be exercised starting 12 months after this Offering, provided that the Company shall not be required to file more than two registration statements pursuant to such rights within any 42 month period. In addition, if the Company otherwise proposes to register any Ordinary Shares under the Securities Act, the Holders and certain other shareholders of the Company, holding an aggregate of an additional approximately 744,800 Ordinary Shares, may request that the Company register their Ordinary Shares, which are not then subject to an exemption from the registration requirements of the Securities Act (subject to certain limitations). All fees and expenses incurred in connection with any such registrations will be borne by the Company, except that the selling shareholders will pay all fees and expenses of their own counsel and all underwriting discounts and commissions relating to the sale of their Ordinary Shares. Registration of such Ordinary Shares under the Securities Act would result in such shares becoming freely tradeable."
p.57
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As of the June 30, 1997 2nd qtr there were 14,271,000 shares outstanding (weighted average). IBD has 65% ownership by management: 14,271,000 * .35= 4,994,850= float.
Globe article from 96 said: After the IPO the "...public now owns 23.3%". So in very round numbers, since the IPO approximately another 11.7 % of shares (private) have found their way to the market: 14,271,000 * .117 = 1,669,700. Soros could well be gone....As the Globe article points out with the right timing thats an 8 bagger for those in before the IPO...
Looking at it another way: IPO 3,300,000= 2,500,000 shares by orctf plus Tamir's and Paneth's IPO sales: 560,000 shares (from Globe) plus another 240,000 from others (remainder). 4,995,000 (Float) - 3,300,000= 1,695,000.
Close enough...
In the really, really fine print dept (warning no expertise here: am not sure these are cumulative):
"SHARES ELIGIBLE FOR FUTURE SALE" = 2,790,400-1,695,000= 1,095,400 shares (management?) that can come on the market at any time.
After 12 mo's (fall 97): shares with "demand registration rights" = another 3,075,000 shares (management?) that can come on the market.
In addition, " certain other shareholders of the Company" (sounds like quantum et al?) can register another 744,800 shares that can come on the market.
Total additional= 1,095,400 + 3,075,000 + 744,800 = 4,915,200 shares.
Just out of curiosity, when did soros get involved with amati?
Have you noticed that side loan, soros/amtx, for $3 m. "secured by all the Company's (amtx) intellectual property" (p.22 amtx 96 annual report). No doubt they've got it covered, but sheesh... |
