Interesting ....
THE ATLANTA JOURNAL AND CONSTITUTION INSIDER TRADING COLUMN.
[The Atlanta Journal(Georgia) via Reuters Business Briefing Select 05/31/1998 ]
By Robert Luke.
ESTATE PLANNING, TAX ISSUES CITED IN SALES: Insiders continue to sell, notably at Kuhlman and Premiere Technologies.
At the latter, founder and Chairman Boland T. Jones sold 300,000 shares April 14 at $32.13 each, totaling $9,639,000. That reduced his stake to 1,925,744 shares, worth $45,977,138 at Friday's price of $23.87 1/2 on Nasdaq.
"He sold for estate planning purposes," explained Harvey A. Wagner, executive vice president and chief financial officer of the Atlanta-based provider of enhanced communications services to business professionals. "It was the first sale that he has made for a number of years." The company's shares have come under pressure after trading as high as $35.43 3/4 in March.
"There's been some concern of all the stock (issued) due to the acquisitions we've made over the last 12 months," Wagner said.
The company - which integrates the Internet with voice mail, fax, e-mail, conference calling and mobile communications - has acquired four companies since the second quarter of 1997, issuing 19.3 million shares in the process. It now has about 45.3 million shares outstanding.
Nine analysts currently have "buy" recommendations on the stock. But one analyst, Vik Grover of Kaufman Brothers, this month downgraded his rating on the stock to short-term "sell" from "hold." Grover, who couldn't be reached for comment, also lowered his price target to $20 from $26.
Wagner said Grover "has not talked with the company for a long period of time." "He has not returned our phone calls," he said.
Among other transactions, Patrick G. Jones, senior vice president and chief legal officer, exercised an option for 17,000 shares on April 14 at $1.61 each, totaling $27,370. He then sold them at $32.38 each, totaling $550,460. Jones, who isn't related to the chairman, now holds 9,528 shares, worth $227,481.
"He sold for tax purposes," Wagner said. |
