PAMC now owns 83% of the HealthAxis common stock. And on May 13th, they signed an agreement to buy-back another 1,415,000 shares from HPS.
From today's 10Q (page 25 of 35):
As of May 11, 1999, 16,738,811 shares of HealthAxis common stock were issued and outstanding. Of this amount, 13,807,395 or approximately 83% were owned by PAMCO, 2,365,365 or approximately 14% were owned by HPS and the remaining approximate 3% were owned by a group of accredited investors and
HealthAxis directors and employees. As a result of this issuance, the minority interest in HealthAxis will represent the approximate 17% of HealthAxis' common equity that is not owned by PAMCO.
Stock Purchase Agreement to buy-back HealthAxis common stock from HPS:
On May 13, 1999 PAMCO entered into a Stock Purchase Agreement for the purchase of 1,415,000 shares of HealthAxis no par value common stock from HPS for $7,040 to close on or before June 30, 1999. If PAMCO does not close on or before June 30, 1999 then PAMCO will pay HPS a late fee of $100 to extend closing until July 30, 1999. If a closing does not occur by July 30, 1999, the purchase price per share shall increase by 8 1/2% per month until closing, of which all events must occur on or before November 1, 1999. |
