Mr. Dendro did an evaluation of the float and he seems to indicate the float could be 3MM or more. Can you point out what his error is?
>>Given the numbers derived from the filings, there APPEARS to be at least 2.4 million shares in the float, and there MAY be more than 3 million shares in the float. In my opinion, there's no way to be certain until RMIL becomes current with its SEC filings.<<
To: +Riley G (36363 )
From: +Mr. Dendro Tuesday, Jan 13 1998 4:46PM EST
Reply # of 37480
RE: Number of free-trading vs. restricted shares.
I have pored over the prior filings to see if I could verify the number of shares currently in the float.
The numbers I have come up, if correct, don't agree with those propounded by Riley G. I caution, however, that the following is simply my admittedly amateur analysis of the filings made by the Company, and I do not hold it out as fact. Everyone should verify the numbers for themselves.
According to the latest 10K, filed March 27, 1997, states that of June 30, 1996, there were 9,666,464 outstanding shares. Adjusted for the later 1:30 reverse split, that gives 322,215 shares of stock as of June 30, 1996. At the time, some of the shares were restricted under Rule 144. However, all shares identified as restricted were issued before January 1996, so that the restriction would be lifted by now.
Summary: 322,215 free-trading shares
The Company's latest 10Q, filed May 16, 1997, states that as of May 15, 1997,
there were 2,571,081 shares. According to note 8 of the 10Q, 1,656,680 of those shares were issued as part of the employee stock option plan. Reading the 8K issued April 4, 1997, I see nothing which indicates those shares are restricted in any way.
Summary: 1,656,680 free-trading shares
Also from the 10Q: of the 2,571,081 shares, 1,656,680 were issued as stock options to employees, leaving 914,401 shares. As noted above, 322,215 of those shares existed as of June 30, 1996, meaning that between June 30, 1996, and May 15, 1997, the Company issued an additional 592,186 shares. Note 10 of the 10K states that in September of 1996, the Company issued 13,100,000 shares of Regulation S stock. After 40 days, those shares would have been convertible to common stock. After the 1:30 reverse split, this would account for 436,666 shares, which would become part of the float. Of the remaining 155,520 shares, there is no mention.
Summary: 436,666 free-trading shares
155,520 undetermined
The 8K of October 10, 1997, states that there were, as of that date, 3,071,081 total outstanding shares of Olympus Ventures, or exactly 500,000 shares more than were issued as of May 15, 1997. A nice round number! Unfortunately, there are no filings indicating who these shares were issued to and whether or not they are restricted. From reviewing prior posts. It appears that at least some of these shares might have been issued to various companies acquired by RMIL as part of deals warrantying that restricted shares previously issued would have a certain value at the end of the two year holding period.
Summary: 500,000 undetermined shares
Finally, I called the transfer agent today and verified that there are currently 14,885,831 shares. According to the 8K, 6,684,750 of these are Rule 144 restricted shares issued to RMCW as part of the merger agreement, and 3,071,081 are the shares of Olympus/RMIL. That leaves 5,100,000 shares. Presumably those shares are to be issued in exchange for the five million dollars, and would be Rule 144 restricted according to the 8K.
Putting it all together, I come out with the following numbers:
11,784,750 Rule 144 Restricted shares
02,415,561 free-trading shares
655,520 undetermined
Given the numbers derived from the filings, there APPEARS to be at least 2.4 million shares in the float, and there MAY be more than 3 million shares in the float. In my opinion, there's no way to be certain until RMIL becomes current with its SEC filings.
Again, THIS IS JUST MY OPINION. I do not present it as fact, but present the numbers as a question to those suggesting that the float is lower. I am not so arrogant to suggest that I have read everything correctly. |
