8000 Incorporated (EIGH)

[loanranger]

"the 68million shares that just came off restriction into the Market."

They apparently made their way into the market a long time ago. From the company's pink sheet filings:
As of 3/31
Number of common shares outstanding: 143,824,000
Public Float: 77,391,750
Beneficial Owners holding more than 5%
Conrad Wall
Number: 62,500,000

As of 6/30
143,824,000 issued and outstanding on 06/30/10.
Therefore the actual available float is and still remains 77,391,750.
Beneficial Owners holding more than 10%
There are no beneficial owners holding more than 10%


Someone else will have to explain how Conrad Wall went from 62,500,000 to less than 14,382,400 without changing the float.
And how one can add up 22,000,000+5,000,000+62,500,000+77,391,750 without getting more than 143,824,000.
And one must wonder if those shares were sold on the open market or if they somehow became part of the "unique financing model utilizing non-dilutable stock as collateral."

By the way, can they do this without a shareholder vote?:
"The Board is currently assessing a proposed offer to privatize the Group and a merger with a target entity established on a higher exchange. The company will announce its decision accordingly."
When was the last shareholder meeting anyway? Did I miss it? The company by-laws say:
"2.1 ANNUAL MEETING.
Unless otherwise designated by the Board of Directors, the annual meeting shall be held on the date and at the time and place fixed by the Board of Directors; provided, however, that the first annual meeting shall be held on a date that is within 18 months after the date on which the Corporation first has stockholders, and each successive annual meeting shall be held on a date that is within 18 months after the preceding annual meeting."

So many questions.......