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Microcap & Penny Stocks : BANY: Core business growth, exciting affiliations!
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To: neverenough who wrote (1728)4/5/1998 11:27:00 AM
From: brad greene  Read Replies (1) of 5847
 
Nigel,

The float will be 3.1 million....but not for a little while. The float right now is roughly 1.7 million.

The additional 1.4 million shares are going to insiders and a few "friendly" holders who have owned BANY for many years. They will be issued in cert form. IMO....these shares, although part of the "float"....will not be part of the "free float".....as they will be held in cert form and not sold.

As with most stocks.....Insiders own some restricted shares and some un-restricted shares. The two largest holders (insiders) are Yost and Parish. With the rights conversion done, they each have 1.4 million BANY shares. At least 1/2 million are restricted...and all in cert form.

So I think the free float will not move very far off of the 1.7 million. Should the Patriot merger get done.....there will be more shares of some kind.....of course. How the Patriot deal is structured will be of great interest. Patriot sales have been greater than BANY's. It is my understanding that if this deal does get done, it will be shareholder friendly....and that the premium for the Patriot Group founders will come over time as the company grows....as it should be.

Don't know....Have not seen it. Still waiting for it. Very excited about the possibilities.

bg
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