Lean gleanings from Yahoo...and where are my SI brethren?
not looking for hundreds of messages/day here, just some cogent discussion which BTW, seems absolutely impossible among 'Hoo ters, both long and short.
shorters obviously haven't gotten hold of the company's 1Q report dated 5/29 and signed by Nowek & Halimi. they are currently whining about the company's auditor change, too much good news (must be hype), having an IR staff who was a broker, and missing an SEC filing date on 7/1, which they conjecture, is going to delay the effort to be U.S. domiciled.
I've now sold over 50% of my initial position...the last at 9, aw shucks I should have waited til after the holiday and the Russkie details, and here's why:
On 6/24 the company announced results for the 1Q 98.
"The weighted average basic and diluted shares outstanding for the 1998 first quarter were 31,172,000 compared to 16,641,000 weighted average basic and diluted shares outstanding for 1997 first quarter."
The most recent B.C Form 61 (British Col.'s Q report form) lists end of quarter outstanding shares at 36 million with more shares coming.
"Turbodyne's balance sheet has strengthened from the year ago quarter with a 42 percent increase in current assets to $22.8 million, a 43 percent increase in working capital to $11.3 million and a 29 percent rise in total assets to $55.8 million. The Company's current ratio is 1.97 to 1."
Q1. Where are all these shares coming from? How many were issued to Pacific Baja holders? How many are option related? How many are restricted and when do the restrictions come off?
Q2. If the current assets and current ratio is so great why did the company do another 1.5 million in subordinated convertible debentures (SCD) in February (leading to 671K new shares), another million (12% bridge loan) in March, and another 1.5 million (SCD) in March?
Q3. Why should a company director be paid 37,500 shares (@$2.50) to arrange one of these financings? That's a bonus now worth 30% of the total value of the financing!! And in the month before the EPA approval.
Q4. Who, which employees exactly, benefit from repricing the exercise price of 3 million options down to $3.50? (that was done in March)
Q5. Subsequent to March 31, 1998 the holder of the last aforementioned debenture holder converted 1/2 the face value into 212K shares. These shares were converted at about $3.50/share and couldn't be converted until after May 7. The share price then was about $9. Assuming the shares were then sold the holder made off with a profit of about 1.2 million on their .75 million investment. Not bad for two months time!!! I'd like to know who the debenture holder was/is?
Wouldn't you?
Q6. Would anyone be interested in projecting the number of fully diluted shares that will be outstanding by the end of this fiscal year? At the moment my head is swimming...and i'm upset. Haven't even looked at stock purchase warrants, where they came from, who got em, and why.
Learned longs...please help restore my faith. I hope your silence is not out of concern for giving ammo to idiots. It's our company and I'd like to feel mgmt. is accountable to shareholders. Some of us suffered through the winter's dilution. Why weren't we able to participate in pre-EPA sweetheart financing via a private or secondary?
Hello?
Mike |
