Hmmm..... I went back and read the release regarding the share buy back. It was supposed to close on or before 12/31.......
Cistron Purchases Almost 15% of its Shares from Warner-Lambert
Subsidiary
PINE BROOK, N.J., Dec. 15 /PRNewswire/ -- Cistron Biotechnology, Inc.
(OTC: CIST - news) has agreed to repurchase 3,946,500 shares of
Cistron common stock from Med-Tech Ventures, Inc., a subsidiary of
Warner-Lambert Company (NYSE: WLA - news). Med-Tech had held 4,126,365
shares and had recently sold 179,865 shares on the open market. The
closing of the transaction is expected to occur on or before December
31, 1997.
After giving effect to the repurchase, Cistron will have 22,983,687
shares issued and outstanding, or a reduction of 14.65% from the
outstanding shares at December 12, 1997. (snip)
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OK, Galton/Smith, you have not given investors, in today's quarterly release, sufficient information to judge the current wisdom of their investment. We can't look at your release and determine if the buy back was delayed or canceled, or if you have diluted. To the non-suspicious mind, the numbers would imply that you have not diluted.
Geeeze...... do you guys realize the degree to which your policies and strategies are non-standard? Do you clearly understand that you had (have?) the alternative route, to run your company as a competitive biotech with a clearly mapped and executed business plan? |
