Continuing with the Javelin story...
We left off with the voting perferred shares being exchanged for 1-1 conversion shares that were not affected by a reverse split. What was just a voting interest, 5k now became a real interest. The stock was reversed at 200 for 1 leaving an OS of 826,866 share.
The non 8,450,000 nonreversible preferred share would now be equivelent of 90% of the OS. As you can see from the following chart, this was quite a sum.
Quarter Endings Quarterly High Quarterly Low Quarterly Close
3/29/2002 60.00 20.00 60.00
6/28/2002 90.00 1.40 1.40
9/30/2002 20.00 0.30 0.30
12/31/2002 8.00 0.20 0.20
3/31/2003 2.00 0.12 1.60
6/30/2003 0.20 0.12 0.12
09/30/03 28.00 4.00 16.00
12/31/03 .80 0.21 0.21
The lowest price during the quarter ending 12/31 was .21, giving the preferred shares a paper value of $1,774,000. Not bad for a 5k investment.
The annual report shows preferred share holdings as follows.
Steven R. Peacock
CEO and Director
Series C Pref. 2,816,666
Shane H. Traveller
CFO
Series C Pref. 2,816,667
Strangly, while the previous filing stated that Shane Traveller was issued all 8,450,000 shares, both Shane and Steve are showing like amounts, indicating that they had a 50/50 deal going. It also shows that together they hold 5,633,333.
Missing? 2,816,667 shares, indicating that it was a three way split.
Who was the third party?
Derb
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