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American Architectural Products I bought AAPC this morning. INFO rock solid. This is a $350 million BB company. A consolidator in the building supply business, much like Fortress that competes with my company. They bought a BB shell and at the same time acquired about 15 companies so proforma sales are $350 million. They have filed an S1 to issue 7 million shares. Available on free edgar. Anticipated price is $14-$16 per share. How can this be with the price where it is at? Answer is that because there is only 500,000 shares in the public float, this is being treated as an IPO and being valued accordingly. My guess is that when institutions are approached to get their allotment, they will also go out in the public market and buy some cheap now. They have filed for Nasdaq listing. It is in the S1. Obviously, they will get it with their size. Offering is expected in Septemeber but I expect it to run before. It trades about 5000 shares per day with record volume today. The underwriters are Mcdonald & Company and First Wheat-two good companies. Tiny float so buy carefully . More later. | ||||||||||||||
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