Hi Ed, Just to put some things in perspective for those who may not have access to all the facts: Loewen was part of a syndicate including First Marathon, Salman, and Loewen, for that Private Placement back in '97. of 7,000,000 units.(Two Warrants to buy a share) We, unfortunately, do not have access through Stockwatch, to the TSE's Insider Trading, to get the names of the placees for the offering. I understand that Stockwatch will publish them when the TSE gets around to publishing that kind of info. What we do know is that from that unit offering, it included 3,500,000 warrants exercisable at $2.70. Later amended to:
1,000,000 @ .40 -The trigger price was .53 so it is certain that they were exercised when we had the run-up to .84.
1,000,000 @ $1.00 with a trigger price of $1.25 -expires Sept.11/99
1,500,000 @ $2.10 with a trigger price of $2.47-expires Sept.11/2000
Loewen could be selling shares for someone like B.Miller, as he had, according to Queenstakes own website, 781,238 shares and 355,000 options as of August 10/98. He is, as we know, suing the company for wrongful dismissal, so obviously he is not a happy camper. Who knows? If anyone wants to check it out, Klick under Corporate Profile, and then klick on Management Structure, and then on individual names for all shares and warrants and options outstanding for each insider, as of the above date. Many of these shares were acquired at very low prices, so don't think anyone is losing money on this. I noticed that some had received shares at .15 several years ago, so anything above that is a profit.
A more revealing site, as to what management of any company has done, in the way of trading, options, and warrants, etc. go to Stockwatch Menu and click on the search for Insider Trading and then put in the name of the company, in this instance, Queenstake, where it asks for Company symbol. Use the name rather than the symbol and you will immediately get a link to the Company. Press the link that comes up, and voila, you have all the insider trading up to Jan./98. After that, I guess, it was reported in T.O and we don't get those stats yet. Possibly someone who lives down there can get it on another system we don't know about. I don't think so though, because Stockwatch would know, and soon publish it. Maybe someone who has access to the Ontario Securities Commission site could find the reports.....
Another thing to note is that on the Insider Trading page, at the top there is a link which says Explanation of Codes. By klicking on this and scrolling down, you will be able to see what type of transaction it was. Note that any transactions with an * in front of the type of transaction means it is a re-stated transaction. This can occur when they have shares in a holding company and must be reported separately from the individual's report.
..This is the explanation that Stockwatch gives:
"Note: Insider holdings of securities and changes of holdings may be reported more than once. For example, where securities of a reporting issuer are held through a holding company that is an insider of the reporting issuer, 100% of the holding company's holdings or changes in its holdings must be reported by each person exercising control or direction over the securities through the holding company."
Confused??? Well here's another thing to note, just to confuse you some more: A note about zeros taken from Stockwatch: "BCSC insider reports are littered with sales at $0. These sales are not gifts as it might appear. Rather, the BCSC converts all prices expressed in fractions or three decimal places or $US to a misleading $0."
Now that everyone is thoroughly confused, try and follow the "Yellow Brick Road" to the "Kingdom of Awareness.":-)))
Cheers
Shirley |
