FGFC DD Summary: First Guardian Financial Corporation (FGFC.PK) ($.022) just announced A SHARE BUYBACK PROGRAM AT 6 CENTS with the objective to buy back 25 MILLION SHARES. FGFC management believes the fair value is much higher (FGFC was $.35 earlier this year).
FGFC is dealing with a number of large investment banking firms to secure additional debt financing to accelerate growth, including JP Morgan Chase, Merrill Lynch, Credit Suisse, The Bank of Isreal. http://biz.yahoo.com/bw/060608/20060608005336.html?.v=1
Share Structure: - OS 179 million - 78 Million float million FGFC recently announced reduction in authorized shares to 200 million reflecting its commitment to finance growth through internal funding rather than share dilution: http://biz.yahoo.com/bw/060607/20060607005579.html?.v=1
FGFC will have only 154 MM shares OS and a 53 Million public float after the buyback giving it a current market cap of $3 million. Other junior web portal stocks like AAC:AMEX have market caps in excess of $20 million.
FGFC's share price and volume increased substantially last week with the buyback program and website news increasing investor interest. FGFC has the potential for much higher share prices in the short term as investor awareness increases.
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