A perspective on S/3 filings: Banca Del Gottardo in particular
From S/3 filings over the past several months.
Date----Shares held before offering---%held---held after offer---%held
11/97-----------1,916,667-------------------12.0---------250,000---------------1.7
4/20/98---------3,042,271-------------------16.3-------1,965,603-------------10.6
6/28/98---------3,614,403-------------------10.2-------2,537,736-------------12.7
8/11/98---------5,435,333-------------------23.0-------3,530,334-------------15.0%
It looks like Banca is a repository for the preferred selling. As one can see the % held varies by a considerable % the past few months.
We should all remember that the company needs money to pay its cost on a daily basis and since the money isn't coming in by the products the company sells it has to come in from the selling of preferred stock in my opinion.
This is still a development company and until the revenue comes in from the products it is developing and has developed there will be sales done at various times to raise operating money so one shouldn't get real excited when blocks of preferred get converted to common stock.
If any of those that a getting so concerned about this way of raising capital to run a business whose products are not in the market yet have a better idea as to how to keep paying the bills of running the corporation on a day to day business until its products are producing a revenue stream I'd welcome their viewpoints; and I'm sure ACTV would too. Obviously dilution of stock is a concern but if ACTV doesn't have money to do the day to day business costs the "player" wouldn't have a stock to play on the market. |
