Doug: It seems that GTTIF is stable at $3/4 level so far and the volume is very light. The following facts might be interesting.
The short interest for GTTIF declined 5.8% from 58,865 shares dated 8/26/97 to 55,444 shares dated 9/24/97. That is, the short sellers covered about 3,421 shares last month.
As of July 18, 1997, there were 18,329,376 shares of the Company's Common Stock outstanding, held of record by 545 persons, of which 512 were located in the United States and held approximately 71% of the outstanding shares of Common Stock (13,013,857 shares). That is, the average shareholder in USA holds about 25,418 shares.
Under the terms of the Company's 1995 Stock Plan, approved by shareholders at the Company's Annual General Meeting held on July 31, 1995, senior management and directors of the Company have been granted options to purchase 1,130,000 shares, in the aggregate, of Common Stock of the Company at an exercise price of US$1.63 per share. The options have a five-year term with 50% vesting as of July 31, 1995 and the remainder vesting on January 31, 1996. That is, more than two year has already past after the management got the options, of which the exercise price is more than doubled than the stock price of yesterday. Only less than three years left for them. In addition, they did not issue new options in 1996 and 1997. I think that they have to wait until July of 2000 to do it.
Albert |
