Dennis,
5,000 shares. Price will probably drop to $18.00 -g-
I had a very pleasant conversation with Ms. Pang when trying to reach Mr. Lau. My impression of her is similar to the impression I had of Mr. Lau. I think she was overlooked on the other 144 filing.
The company has a stock option plan. As Controller, Ms. Pang would receive options. I presume that she has 10,000 exercisable option shares at a price of $10.00 and that she is selling 5,000 @ 20.00 to raise the cash to exercise the 10,000. If she does it at this time, she will be eligible for the dividend.
The Officers and Directors had a total of 275,000 exercisable options on July 3, 1997. Li- 125,600, Lau 74,400, Leung 40,000, leaving 10,000 unaccounted and I presume these to be Ms. Pang's. Total outstanding options that date - 347,022 including Officers, Directors, and other Employees. This is included in the 5.48M dilution.
I am not predicting it, but it wouldn't surprise me to see a 'special dividend'. They just brought in a lot of warrant cash in addition to the amount they already had plus cash gains from this Q. 50-55% of the dividends would go to Insiders. With the growth and profits they've achieved this year, seems like a logical thing to do. We must remember that the 9 top management people draw total salaries under $2M, but the Insiders hold around 2.75M shares and dividends are not taxed. They could pay a $1.00 dividend and not miss the money.
For what it's worth,
Ron
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