[management shares- new math]
hi shlomi,
got my 97 annual report this week with annual meeting info (5/20/98)
including updated management ownership prior to secondary:
as of the end of may 98: all directors and executive officers as a group (12 persons) owned 8,006,232 shares, so using share count from last qtr: 14,658,000 prior to the secondary... management owned approximately 55%...
using your numbers posted on yahoo... sellers in secondary:
star (management thru meir barel) 400,000
panet (ceo) 300,000
tamir (president) 300,000
management is selling 1,000,000 shares so after the follow-on they will still control 7.0 million shares
new share count 14.6 million + 2 million (new shares issued) = 16.6 million total after follow-on ... 7.0 /16.6= 42% still owned by management...
still rather reassuring...
from the 96 annual report: all directors and executive officers as a group (10 persons) owned 9,243,102 shares... at the end of this may they owned only about 8 million...so where did the difference (1.2 million shares) go??... (9.2 - 8.0= 1.2)
paneth and tamir are listed each year with the same number (3.46 million) as are star and barel (778,455 @ ipo) so it seems the changes were elsewhere ...
just noticed that john winfield is not nominated as a director this time... he was listed after ipo with 736,128 shares and uriel feinstein is no longer cfo and undoubtedly had a stake... so they may account for a good portion of the 1.2 million share difference... and they may still own the shares.. but simply are no longer management...
any ideas? and along these lines where do you think the float is these days?... not worried, just curious...
also found it promising for longer term prospects that even with company growth employees dedicated to R&D actually increased as a percentage of total...
employees: R&D/ year end, total
96: 73/142.... 51%
97: 121/210... 58%
best wishes
s
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