From a GaBard post:
Here are the totals for calculating fully diluted shares from the 8-K plus the last
transaction for Arcon minus the returned shares of New Departure:
:
2,575,217 Common ( 1.6M insiders / 975,217 Free trading. )
4,108,860 Dilution from Series A ( 117,396 ) 54K in MILDP Float
22,350,000 Dilution from Series B ( 149,000 issued to date )
----------
29,034,077 fully diluted common shares as of today
MIDLP = preferred 'A' the other 63,396 are held by the company which are restricted
for another year and 6 months before be able to convert.
The 'B' are all insiders and have a 2 yr restriction before they can be converted (self
imposed) THEN another 2 yr restriction before they can be traded after that. Again
insiders and SEC rules and regulations apply.
MIDLW are warrants that allows the holders to exercise I guess at anytime to purchase
1 share of common stock for 1 dollar, expiration 2001; Target - $2.50 or higher for ten
trading days; After target is met company can recall all warrants for .05 cents I believe.
Note: for every warrant exercised the company will get $1.00 for each share exercised
and the warrant market is done away with. ME I am playing the warrants for momentum
only. I have NO intention of exercising them. Can not guess on the dilution factor at all
till the warrants are exercised.
So in Oct of 1998 this year the MIDL float will dilute to the 2,575,217 plus 1,890,000
(54x35 MIDLP) = 4,465,217 minus the insiders 1,600,000 = 2,865,217 free trading
float.
No other dilution I know of till Oct 1999 which is where the other 63,396 preferred A
converts which will dilute another 2,218860 making the float 6,684,077minus insiders
1.6M = 5,084,077 Free Trading in OCT 1999.
Hope this clears up what you were asking.
Joe PTG&LI !!! |
