Pancho Villa's Short Analysis File Message Board

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Strategies & Market Trends : Pancho Villa's Short Analysis File

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To: xcr600 who wrote (157)	12/8/1998 9:46:00 PM
From: RockyBalboa	Read Replies (1) of 287

XCR600: 1) 16 Million "shares" have been assigned to the preferred deal on 1st May. There are 8 Million commons issuable and 8 Million deep in the money warrants (strike = $3.5). Or will a reg statement of some sort need to be filed? -> 2) That was I copied from the Edgar in the 1st link - is part of a S-3(S-3/A if amended) document - a filing to register shares for immediate resale. Once such a document becomes effective - shares can be issued upon request of the convertible holders and can be sold according to that "prospectus" - by the selling shareholders mentioned therein at their will. www2.edgar-online.com The S-3/A from 13-Jul is the registration for the new shares and shares "underlying" warrants.... 3) The increasing share count - from 7.0 Millions to 12.5 Millions is documented in each 10-K (quarter) statement, from there I retrieved it. In the last 10-k from Nov 11 the number from Oct 31 was mentioned at the top of the document.... 4) The math is: Before, 7 Millions were outstanding before May 1st 1998, now 12.5, so 5.5 Millions of common shares have been sold in the last half year. Consider the vast amount of this 5.5 Million comes from the convertible preferred holders and few from the "management". The mamagement sold 10.000 shares in that time according to the statements. 5) Then, if 5.5 Million shares are already onverted, 10.5 Million are still issuable for resale then. I only would believe that the remaining is no longer tradeable if an amendment stating new lower numbers was filed. So if the rest of the convertible was given back to Navarre for some money... I mean during a hype/pr blitz they can sell these shares into the rally, correct? That's exactly what they did in July, read: Message 6732132 and the sad story from sad motley fools (via the link therein). C.

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