To: James Thompson who wrote (16484 ) 2/14/2000 9:26:00 PM From: Richie Read Replies (2) | Respond to of 19700
Continued thought on the AV IPO, From the S-1A for Navisite, page 69 (no kidding!): sec.gov Directed Share Program. The underwriters have reserved an aggregate of 275,000 shares of common stock to be issued by us and offered for sale in this offering for purchase from the underwriters through a directed share program by officers, directors and employees of NaviSite. An additional 275,000 shares of common stock to be issued by us and offered for sale in this offering have been reserved for purchase from the underwriters through a directed share program by vendors, business partners, customers and potential customers of NaviSite. In addition, the underwriters have reserved an aggregate of 825,000 shares of common stock to be issued by us and offered for sale in this offering for purchase from the underwriters through a directed share program by United States stockholders of CMGI who hold at least 100 shares of CMGI stock as of August 25, 1999 and who have access to the Internet and a personal e-mail address. These sales will be at the initial public offering price. We cannot assure you that any of the reserved shares will be so purchased. The number of shares of common stock available for sale to the general public in this offering will be reduced by the number of reserved shares sold. Any reserved shares not purchased will be offered to the general public on the same basis as the other shares offered in this offering. Now, Navisite offered 5.5MM shares, and 275,000 were allocated for the CMGI DSP program that works out to be 5% of total offered shares. Stay with me here, now, I asked DW a direct question in December about the AV IPO, and he stated that it would be a "multiple" of prior offerings. ragingbull.com Even if it were not a multiple, 5% of 14.8MM shares is 720,000 shares. If there are truly on 6000 shareholders of record, that would mean that everyone should get 100 shares, that would only be 600,000 shares. Now, if it is a multiple of 2X (which I doubt now) then that it 1.44MM shares, which sounds extremely high. The real key here is "how many shareholders of record, and how many of those own at least 200 shares"? Also, how many hold 200 shares on the cut-off date, and how many of those have a WIT account. Sounds promising! RichieH