SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Microcap & Penny Stocks : Rocky Mountain Int'l (OTC:RMIL former OTC:OVIS)
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: FTJoe who wrote (18456)11/15/1997 1:26:00 PM
From: Jerry Whlan  Read Replies (1) of 55532
 
I still can't understand how he has CEA at 43,000?

Go read the 1996 10-K.

CEA's portion in Mike's numbers is inconsquential whether it is 43,000 or 0. What really matters is the guaranteed minimum market value of $1.5M for the 300k shares issued for the acquisition of Nelson and Baron. Those 300k shares were pre reverse split so they are probably only 10k shares. 10k shares are worth about $20k today.

That means that either on Nov 2nd, 1997 (two years after the issuance) or sometime before summer when the SEC retroactivly reduced the Rule 144 restriction period to one year, OVIS has had to either cough up about $1.5M in cash or about 750k more shares.

That's not the only minimum market value guarantee in the 10-K, but I believe it is the largest. Just glancing at the math, it appears that all of the minimum market value guarantees could have been satisified with the 2,000,000 shares from the spring S-8.

I don't know if shares issued to cover minimum market values would also be Rule 144s and thus restricted for another year or not, but if that is true, then we have a very convenient debunk of Kugler's numbers, i.e. that the 2,000,000 went to cover those and the latest 300k increase in outstanding shares is really just the only substantial compensation that Morgan and Breton have received from the company (as they indirectly claimed in their latest press release).

Just guessing here, I figure someone who owns some shares will care enough to make some calls on monday and get a better accounting.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News