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To: Rainmaker who wrote (1096)10/2/2000 3:18:04 PM
From: Bosco  Respond to of 1944
 
Hi Rainmaker - I don't think the shrs issued to BAS are that in the open market. Normally, a company has bylaws to govern the maximum # of shrs outstanding but not necessarily the same as the total outstanding at a given time. The latter may grow with split, stock options and acquisition issuance until it reaches the max, then the co may put in the proxy to increase the maximum.

The newly minted shrs are likely to be restricted [lockup period] but my guess is that that doesn't stop the recipients to realize the gain now via the options etc. Or, if one has stock options, them brokers will call!

best, Bosco



To: Rainmaker who wrote (1096)10/2/2000 3:23:05 PM
From: BWAC  Read Replies (1) | Respond to of 1944
 
Rainmaker,

If you will check the ADCT financial statements, you will notice in the shareholders equity section the number of outstanding shares and more importantly the number of shares authorized to be issued. The difference in these 2 numbers is where the shares come from. IE Shares authorized but not yet issued. They just create more because you the stockholder has authorized it in some previous proxy vote or other sorts of corporate bylaws.


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