Bryan Buck,
I noticed many of your posts including one with this statement:
<<These 10 individuals own 11,570,000 shares of the 15,019,293 shares outstanding. That leaves a float of only 3,449,293 shares. There are convertible debt shares but that's another matter and not a concern.>>
While reading your posts, and chuckling to myself, I recall the name of one of the more famous IOM posters on AOL - HYPEMENOT. You seem to have done some work putting together the basic story of this company, but you may want to consider a few key points you apparently missed.
1. According to SYCR's IR man, there are closer to 9 million shares presently held by officers and directors - perhaps you should talk with him to clarify that issue.
2. I would disagree with you that the debentures are as you say "not a concern". There are presently approximately 19-20 million total outstanding (not 15ish as you suggest, due to the conversion of the debentures. The conversion of the debentures to common involves some interesting conversion prices. I suggest you look into the conversion language as it means 10 million bucks worth of stock are going to be hitting the market over a period of time, and that period started a few months ago and appears to be occurring now.
In addition to the obvious affect conversion will have on the price of the stock, it also dilutes the present shares and increases the float by a bunch. The float appears to be in the 10+ million range, not 3ish million as you suggest.
Several of the notes I recall regarding conversion of the debentures include "convertible at 85% of trailing bid", and "some debentures were convertible at around a buck".
I'm sure these things were an honest oversight on your part, keep up the good work.
Cheers Steve |
