Al and Bruce -
Thanks for the updates. No offense, but I like the idea of being able to sell my shares unrestricted on the day of IPO. The reason is two-fold.
First, the number of outstanding shares on that date. I am hoping that FNET becomes a real hot commodity by then. The company is certainly releasing some excellent news, and my personal opinion is that aside from increasing shareholder value and a broader base, management is in the process of attracting underwriters with some very 'sweet' honey. This needs to happen quickly, as SEC paperwork, signed agreements, etc. could push us out to Q4 if not closed soon. With Y2K the global topic, we realistically could go out another year (June/2000) before things settle down in the high tech arena IMHO.
The second reason I want control of my shares is that like you gentlemen, I have held them for several years. I want the ability to decide to recover at least my initial investment in the event the underwriters cause a misstep. To do this we need to sell 20% at $10.00/share. The current $5.00/share demands we sell 40%, which is very unattractive but could be required due to any number of untold events. In other words, we've paid our dues (IMHO) let us decide the risk factors required to protect our investment once it is public.
In any event, I am very excited about the next few months. We have several items we did not have before: a business plan, revenues from both companies coming in, expansion, more name recognition, military contracts and so forth. In addition, management is striving to take FNET public this year; and Frank, Helen, et al, are committed to getting their shareholders the best value for their investment. This comes from them verbally and personally, and I believe them.
Having fun with FTEL/FNET for the first time in a long time,
George
PS. Check out nVidia's IPO last Friday. I am hoping for a similar or better scenario. They were originally going public at $7-$9 :-) |
