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Gold/Mining/Energy : Aastra Technologies - telephony, e-cash, mini-ATM
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To: alan von weiler who wrote (85)4/23/1999 12:07:00 AM
From: sPD  Read Replies (1) of 233
 
The Information Circular explains that the ASE requires that any private placement that exceeds 25% of outstanding shares be approved by shareholders.

The company has indicated that it would like the flexibilty to accept an offer for a significant stake via a private placement, *if* one were to come along and they had use for the cash. This might be a big investor (e.g. mutual fund or a conglomerate such as ONEX) who cannot now take a meaningful position without driving the share price sky high.

From the ASE site, we have seen that Yorkton has been sitting on a block bid for 50,000 shares (and have been for months) yet in order to get them today, they would have to bid well above $5.20 to get all they wanted. On the other hand, a mutual fund would probably want a couple of million shares to make their investing worthwhile so you imagine the price they'd have to pay on the open market for a company with such a small float.

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