FWIW, as of the latest SEC filing:
edgar-online.com
Elliot owns 19,329,938
<<Elliott beneficially owns an aggregate of 19,329,938 shares of Common Stock, constituting 43.7% of all of the outstanding shares of Common Stock.>>
Westgate & Martley own 19,526,121
<<Together, Westgate and Martley beneficially own an aggregate of 19,526,121 shares of Common Stock, constituting 44.1% of all of the outstanding shares of Common Stock.>>
<<Elliott, Westgate and Martley's aggregate beneficial ownership of Common Stock equals 38,856,059 shares, comprising 61.4% of all of the outstanding shares of Common Stock.>>
Alexander Finance owns 29,790,763
<<Following the transactions described in 5(c) below,
Alexander, if it exercised its options and warrants and
converted its convertible notes, all as described below,
would beneficially own an aggregate of 29,790,763 shares of
Common Stock, constituting 56.5% of all of the outstanding
shares of Common Stock, assuming no other investor exercises
any options or warrants, or converted notes held by such
investor.>>
Total 68,646,822
Obviously, the percentages reported by Elliot, Westgate & Motley, and Alexander exceed 100%. My best guess is that the answer is found in Alexander's filing statement that the percentages assume that no one else exercises any of their option, warrants, or convertible notes.
Total Shares:
My best guess on the total shares is between 91 and 93 million, which is arrived at by using E, W & M's percentage of 61.4%. If their 38.856 million shares are 61.4% of the total, but do not include Alexander's 29.790 million, then 38,856,059 divided by .614 = 62,283,483 + Alexander's 29,790,763 = 93,074,246.
Using Alexander's 29,790,763 at 56.5% yields 29,790,763 divided by .565 = 52,727,014 + EWM's 38,856,059 = 91,583,073.
The difference is probably the result of different reporting dates, interim sales, and shares actually owned, if any.
Finally, these number appear to include the option to loan ISCO $4 million more that is also convertible at $0.25 per share. If they do not, then add another 16 million shares.
Recent Sales:
From 11-24 to 2-23 Elliot sold 3,177,156 shares
From 11-29 to 2-23 Westgate & Martley sold 3,189,312 shares.
From 12-29 to 2-16 Alexander Finance sold 8,226,956 shares
Total sales for the three from 11-24 to 2-23: 14,593,424
The vast majority of the sold shares were from conversions.
Given the recent sales history, I'd bet that they have all three sold substantially more shares since 2-23 as well.
Contrary to an earlier post, the 9.9% limit only applies if they have no one on the board. Of course, they have someone on the board so the 9.9% limit does not appear to apply.
<<The amount of shares of Common Stock into which Elliott, Westgate, and Martley's convertible notes and warrants are each convertible or exchangeable is limited, pursuant to the terms of such instruments, to that amount which would
result in Elliott, Westgate and Martley together having beneficial ownership of Common Stock not exceeding 9.9% of all of the outstanding shares of Common Stock the "Ownership Limitation"). However, the Ownership Limitation is suspended during any periods when Elliott, Westgate and Martley have the status of "director" or "director by deputization" of the Issuer for purposes of Section 16 under the Securities Exchange Act of 1934, as amended, as is currently the case due to the election of Messrs. Brodsky and Perlman, designees of the Reporting Persons, to the Board.>>
The two nominee directors (Perlman and Brodsky) each have options/warrants for 50,000 shares at .45, which are not exercisable until later this year -- November if I recall correctly.
What all of this means is that ISCO's current market cap is around $2.7 billion. I'll leave the opinions to others.
Troy |
