I agree , I think that there is a large contingent of stockholders who are totally unaware of the daily or even weekly dealings of the companies they hold. Your example of PHM is a very good one and it was actually a sad end to what was a great story in the Venture market this year. I was in PHM from high 30s through to $1.50 area and was most impressed with the company. I only sold as I saw signs of topping out on the price but it actually made $2.00 after I sold. I think that the company was not as transparent as they should have been and that lack of transparency lead to reporting like this which not only brought down PHM but CXV and LND as well. IMHO the way that situation was handled was a huge travesty for shareholders and to this day has never really been addressed the way it should have been. Yes some of it was shareholders kneejerk reaction to a surprise insider sell , to them, but there was no news release re the tax situation and the pending sale of shares either. Either way it sure knocked the starch out of real high flier.
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.
Globe says Patient Home principals had tax issues
2015-08-06 05:21 MT - In the News
The Globe and Mail reports in its Thursday edition that a week after a violent sell-off that confused and angered investors, Patient Home Monitoring has released details on why two former high-ranking members of its management liquidated a huge portion of their holdings with little warning. The Globe's Niall McGee writes that Michael Dalsin and Roger Greene "transferred shares to the Healthcare Special Opportunities fund" and "sold shares to satisfy a tax liability" the company said in a press release on Wednesday. Mr. Dalsin and Mr. Greene also "elected to retain shares in their personal names." Last week, jittery investors dumped millions of shares when an insider trading report surfaced showing that Mr. Greene and Mr. Dalsin had liquidated their entire holdings of 13.4 million shares and handed over management of the firm to a new group. Adding to the chaos, investors were under the impression that Mr. Dalsin and Mr. Greene had actually sold 26.8 million shares. However, according to Mackie Research Capital's Pat McCarthy, who is the company's underwriter, Mr. Dalsin and Mr. Greene mistakenly "double-filed" the stock sale with the System for Electronic Disclosure by Insiders. |
