Globe says Patient Home insider sale spooks investors
2015-08-04 07:05 ET - In the News
Shares issued 290,766,749
PHM Close 2015-07-31 C$ 1.07
The Globe and Mail reports in its Tuesday, Aug. 4, edition that Patient Home Monitoring's (PHM) ($1.07) top two officials quietly sold the bulk of their shares two months after promoting a $67-million stock sale. The Globe's Jacquie McNish and Niall McGee write that PHM saw its stock soar from a low of 33 cents a share last summer to a high in April of nearly $2 on promises from two Los Angeles based promoters, Michael Dalsin and Roger Greene, that PHM was poised for greatness. In May, the two men predicted PHM would be transformed by an acquisition spree that would catapult 2014 annual sales of $21-million to $175-million in 2015. A long-term target of $1-billion, Mr. Greene told a Midas Letter interviewer, was "realistic." The rosy outlook helped a trio of Bay Street underwriters sell $67-million of stock units to a broad group of affluent and institutional investors in May. Investor enthusiasm turned to outrage last week, when it became public knowledge that Mr. Dalsin and Mr. Greene had sold their jointly held interest of 13.4 million shares in PHM on July 14 for $18.2-million or $1.36 a share. The two men, who are company directors, have not offered a public explanation for their abrupt stock sale. |
