PWCC is the next dbcc & only 600k floating.
GEEK has gone up 22% in the last two days, so now the value
of Flashnet is even greater.
Point West Capital - PWCC thru it's subsidiary Fourteen Hill
Capital owns investments in a few companies. Some are public and
some are private. They own 11% of the ISP Flashnet. Flashnet is
scheduled to do it's IPO the week of Feb 22.
ipocentral.com
fourteenhill.com
Table below is from Flashnet's S-1 filing.
SHARES BENEFICIALLY SHARES BENEFICIALLY
OWNED PRIOR TO OWNED AFTER
OFFERING(1) OFFERING
------------------------- SHARES -------------------------
NAME AND ADDRESS OF BENEFICIAL OWNER(2) NUMBER PERCENT OFFERED NUMBER PERCENT
----------------------------------------------------- ------------ ----------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Ascend Communications, Inc.(3)....................... 400,000 11.8% --
Applied Telecommunications Technologies, Inc.(4)..... 164,745 5.5 --
Fourteen Hill Capital, LP(5)......................... 329,490 11.0 --
ISP Investors, L.P.(6)............................... 490,116 16.4 --
Thomas K. Reed, Jr.(7)............................... 190,000 6.4 --
James B. Francis, Jr.(8)............................. -- -- --
Andrew N. Jent....................................... -- -- --
John B. Kleinheinz(9)................................ 699,216 23.3 --
Michael Scott Leslie(10)............................. 285,800 9.6 --
James A. Ryffel(11).................................. 250,000 8.4 --
Kevin A. Stadtler(12)................................ 164,745 5.5 --
Albert Lee Thurburn(13).............................. 219,660 7.4 --
All directors and executive officers as a group (7
persons)(14)........................................ 1,619,421 54.0 --
Internet America - GEEK has 50,000 customer's and a mkt cap
of 223.9 mil.
Flashnet has 200,000 customer's and should have a mkt cap
of aprox 761.3 mil (3.4 X the size of GEEK)
PWCC owns 11% of Flashnet, so their share should be 83.7 mil.
PWCC has only 3.25 mil shares outstanding. This means for each share of PWCC you would have $25.75 worth of Flashnet.
Plus PWCC book value is $6.65 and they have $1.52 of cash.
I dont know the value of their other holdings,
but it looks like this stock is still a easy double from the
current price of 13.
Value of Flashnet per share of PWCC--$25.75
Book value per share-----------------------$ 6.65
Future value of other holdings-------------$??.??
Total Value of each PWCC share-------$??.?? |
