PharmaGap fka GAP

[Tackler]

Stormont has a majority of shares and is controlled by Roderick M. Bryden, chairman of PharmaGap. They have over 60% of the float.

2008-04-07 13:14 GAP PharmaGap Inc 0.065 SEDAR Early Warning Report
SC Stormont Holdings Inc
In total, the Offeror owns PharmaGap Series 1, Series 2, Series 3 and Series 4 Debentures (including those Debentures described in part 3 of this report) in the aggregate principal amount of $2,945,000, which, if fully converted (including accrued interest to April 4, 2008 and the exercise of all attached warrants), are convertible into 34,588,286 common shares of PharmaGap. In addition, the Offeror will own 1,533,462 PharmaGap common shares, which represents approximately 6.1% of the issued and outstanding PharmaGap common shares. The Offeror also holds a further 3,193,811 options to purchase of PharmaGap common shares through over the counter options with certain principals of PharmaGap.

So they previously owned 1.5M shares = 6.1% of the existing float of approx 25M

34.6M from debentures are in the money now
3.2M options probably in the money now too

25 + 34.6 + 3.2 = 62.8 total float

1.5 + 34.6 + 3.2 = 39.3 total for Stormont

39.3/62.8 = 62.6%

No sign of any selling by Stormont.
This could be Mr. Bryden's goose that lays golden eggs.