TMSR Secondary comments, continued.
Use of Proceeds: "...The net proceeds to the Company from the sale of the Common Stock in this offering at an assumed public offering price of $15.00 per share..." Based on the last trade at 13 1/16 -5/16 it appears perhaps a clear signal is being sent to management regarding obvious red flags pursuant to the secondary ofering prospectus?
We show 6,511,606 shares outstanding (fully diluted, post secondary including options as of Nov 1st).
David Bergeson's compensation, equity, option position does not appear in this prospectus? Why? This would certainly appear to be material given he is a senior officer of TMSR.
Fujitsu alliance, again, why was this not mentioned re: mitigating Risk Factors: Offshore manufacturing?
C. Norman Winningstad, again, divestiture makes no sense, assuming TMSR is a BUY. It makes no fiscal sense, from poor timing? to [theoretically] poor financial planning.
Executive Compensation and Option Grants tables are for 1996 and not reflective of 1997.? Why were these not effective through Q3 '97?
Van Kasper. The only underwriter? syndicate member? TMSR also needs the likes of Robertson Stephens, Montgomerey Securities, Hambrecht & Quist ((the players) and all of whom were recently acquired/(H&Q pending) by banking concerns and all the more reason) et al. It appears this prospectus is tentative and the secondary may be represented by more syndicate members. TMSR simply requires this credibility and validation. If they cannot with the unprecedented news and infrastructure, from fundamentals to market share [street ammunition] amidst a heating up Microcap climate something is simply wrong. |
