SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Andrew H who wrote (55097)2/11/1999 9:56:00 PM
From: MoneyMade  Read Replies (2) of 119973
 
What a POS! AgriBioTech CEO sells half his shares

HENDERSON, Nev., Feb 10 (Reuters) - Forage and turfgrass
seed maker AgriBioTech Inc. said its chief executive officer sold
half of his shares to the State of Wisconsin Investment Board after
he received a margin call.

In a statement released Tuesday afternoon, AgriBioTech said Johnny Thomas sold 901,707 shares,
and another unnamed member of management sold 443,740 shares to the State of Wisconsin
Investment Board, bringing the board's ownership to more than 10 percent.

''I am extremely disappointed that I was forced to forfeit half of my share ownership due to market
conditions at a time when business fundamentals of the company are at an all-time high,'' Thomas
said in the statement. ''I continue to be enthusiastically committed to the company.''

With the proceeds from the sale, Thomas will retire all of his margin debt and other shares he owns
will be removed from margin accounts, the company said.

AgriBioTech said Thomas had borrowed money on margin to exercise all of his employee options
and warrants from time to time. The shares were placed ''with a long-term supporter of the
company in a manner to minimize the impact on the market place,'' AgriBioTech said.

Shares of AgriBioTech closed up 11/32 at 6-29/32.

More Quotes and News:
Agribiotech Inc (Nasdaq:ABTX - news)
Related News Categories: IPOs, US Market News
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News