Charles, In your post you asked: e) How come during the same period first quarter 1998 DCI did a stock
buyback for $1,749,058 for 582,500 treasury shares. See annual
report page 28. Now assuming that Muller Media accounted for
400,000 shares for $1,000,000 as part of this treasury share
purchase which is unclear that leaves 182,500 shares for $749,058
(average price $4.10).
The contract with Muller Media, required DCI to repurchase 1.2 million shares at a price of $2.50 if Muller exercised certain put options. In your question above you have have shown that only 400K shares were bought back from Muller, but if you will check Note 19 in the annual report you will see that the remaining 800K shares were also bought back on June 9, 1998. If we assume that all of these shares were repurchased using the buyback $, this accounts for $3,000,000 of the total $5,000,000 and was of course required by DCI to honor due to the Muller contract. I do not believe that the information from page 28 of the annual report includes any of the Muller shares.
James |
