I'm back, now bear with me cause I have a bunch of documents, that I am getting this info from, and I will try not to get out of order with it. When I last left a post I was talking about Intile Designs, a co. thats Aquisition by EDII should be finalized in a couple of weeks. Now I also have good info on NorthEastern Plastic, but that will be on the next post due to the amount of info that is going to be given out regarding EDII, Intile Designs, Renaissance Capital Growth & income Fund III Inc., which is a Texas corp., organized as a business development co. under the investment company act of 1940 and is traded on the Nasdaq, and Renaissance U.S. Growth & Income Trust, PLC which is a public limited company organized under the laws of England and Wales and is traded on the London Stock Exchange. In 1996 Intile Designs had issued a statement saying that the "company seeks to expand its operations through acquisitions of co's with existing retail stores financed through an influx of capital from private and secondary equity markets, and this is where Renaissance comes in. On Feb. 27th 1997 both Renaissance co's purchased 10 units of 150,000 shares at a purchase price of $50,000 per unit of IDES. On March 15, 1997 IDES effected a 3 for 1 reverse stock split and issued share cert. for 500,000 shares for each co., bringing the total ownership of 1,000,000 shares, which was purchased for a dollar a share, that in turn represented 20 % of IDES outstanding shares( so we now know who owns the other 20% of IDES, if u remeber the letter of aquisition it stated that EDII was aquiring apprx 82% of IDES).During the time of the purchase of those shares by RENN, IDES gave a seat on the board of directors to RENN, which when EDII finalizes the aquisition, will we be in a 20% partnership with RENN with Intile designs. During the agreement to buy those shares of IDES by RENN, there was a stipulation that a reverse split occur and that IDES issue new common stock hence the new shares sold to EDII for 82% ownership, so IDES kept it's agreement with RENN, and RENN was happy. Now some info on RENN it trades on the nNasdaq it closed last friday at 9.00, it pays a 0.39 per share dividend, it has a market cap of 39.2 mil with shares outstanding of 4.2 mil. It's yield is 4.30, 52 week high 10.370 and low of 6 1/2. Its net increase in net assets for the 3 months ended march 31 1998 was $7,947,248 and has a net asset value per share of $11.99(with its share's trading at 3 dollars less than its net share value, its a stock u might want to look into closer for investing in it, sometimes investigating one stock leads u to another good stock) and a company total asset value of $52,062,928 .Now on the April 2nd PRnewswire IDES stated they anticipated apprx $13,500,000.00 in revenues for the year ended March 31 1998, ans with all their outlets, and construction of new housing up, I would say that Intile Designs is going to be profitible to EDII. One last thing about EDII, IDES and RENN. Under RENN's organazation and business purpose they stated that their objective is to seek current income and capital appreciation potential by investments of small and medium size co's which are in need of capital and which it believes offer the best opportunity for growth. Now that sounds like a whole lot like EDII's objective, and with news coming that EDII is to become a fully reporting co. on one of the big boards, is there a possibility that EDII and RENN might be a merger made in heaven, just a thought. Also I can't find this document that mentioned the American Stock Exchange and EDII again, but thats the second time I have found something listing both in the same document. Well thats it for tonight, tomorrow I will let everybody know what I found out about NorthEadtern Plastics which is soon to become EDII's, and that co may just turn out to be the most profitable one of them all.
Goodnight |
