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Microcap & Penny Stocks : 1ST MIRACLE GROUP (MVEE), founders last co. went $0.20-$46
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To: Cavalry who wrote (809)8/1/1998 3:22:00 PM
From: Suzanne Newsome  Read Replies (1) of 5541
 
Cavalry, I confess I find you much more charming on the TCBG thread! There's been a little volatility, but I hope things are going well with you there. BTW, we have no objection to punctuation here; it helps minimize the ambiguity of your message.

<<Everyone was scared off because of a float big enough to sink the titanic[sic]>> There is indeed a large number of outstanding shares, 90 million last I heard. Golan and Globus reportedly each own 10 million shares. I would assume other insiders (Peter Benz?) own substantial shares. Thus the float is probably somewhere under 70 million. Ninety million shares at $.125 per share is a market capitalization of $11.25 million. What does that $11.25 million get us? Six health clubs, rights to "Grizzly Mountain," Golan and Globus, one partially made movie ("Speedway Junky"), and rights to 3 other movies. And perhaps other things I don't know about.

It has been reported on the thread that MVEE will not issue more shares until the movies produce a positive cash flow. Also, the company says it will not effect a reverse split to lower the share total. The company would have the option of buying the shares back. At $.125, $3 million will get 24 million shares. That would lower the float pretty quickly. The problem is that when the company has $3 million, the share price will probably be north of $.125. The advantages of share buyback must be evaluated against using the money for some other purpose. I don't personally recall ever seeing a developmental stage company use cash for buying back shares.

Comments from anybody?

Regards, Suzanne
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