Insider Buying Analysis
Mason,
The recent flurry of insider buying by Mr. Ramsey, CFO, and Mr. Waddy, President of Dominion Biologicals, is a very positive indicator of things to come. Other officers hold signifigant stock options and directly own a large number of shares while these two individuals own or control much less stock.
My research indicates that Steven Ramsey has options to buy 30,000 shares of Immucor at $8.38 with an expiration date of 4/16/08. Note - 50% of his the options are exercisable beginning April 20, 2000, and 25% per year thereafter.
Patrick Waddy is not listed as an option holder but may have received some warrants to purchase Immucor stock in connection with the acquisition of Dominion Biologicals on December 11, 1996. The Company issued to the sellers five and ten year warrants to acquire, in whole or in part, 478,417 and 150,000 shares of Immucor stock at $12.00 and $11.98 per share, respectively. These warrants are exercisable one year after the issuance date, with the five-year warrants expiring in 2001 and the ten-year warrants expiring in 2006. Immucor has agreed to register the resale of the shares covered by both sets of warrants upon the sellers' request after the exercise date or in connection with another registered public offering by the Company.
Either Steven and Patrick are purchasing stock to support the current price which is doubtful or they believe that the stock will appreciate in value as the business plan is implemented, sales are announced, analyst coverage is initiated and incremental improvement in revenues/earnings is exhibited. Guess which scenario I favor?
Go Immucor!
Tom |
