Ms. Roberts' min. mkt. cap. prediction ....
.... could be right on the money because as I said she has access to far more cumulative data than I do on thousands of companies.
The 'bad thing' is the Free Float adjustment that Russell talks about where O&D holdings actually work 'against' the company when it comes to determining their market capitalization.
Russell's methodology says "Adjustments are based on information recorded in SEC corporate filings or other reliable sources in the event of missing or questionable data"
I suppose they could take quick peek at the Insider Holdings in Yahoo! Finance and arrive at a number which is pretty close:
http://finance.yahoo.com/q/ir?s=TIV
Or , the most recent TIV SEC filing which incorporates such data is their 2007 10-K:
http://www.sec.gov/Archives/edgar/data/22551/000002255108000017/tvc10k-123107.htm
I suppose it's combing through thousands of filings such as that one for the relevant Insider Holdings data that causes it to take nearly a month after the 'final inclusion PPS date' , in this case 5/30/08 , before Russell can publish their final Reconstitution list .... although we will get to see non-final lists on the 13th and 20th.
Interestingly , very near the end of the 2007 10-K there is found a 'Totals' entry for "Security Ownership of Certain Beneficial Owners and Management" which gives a total of 5,608,687 shares which is 22.1% of the outstanding as of that 10-K , and is considerably higher than my quick 3.1 million share count.
However that 5.6 million "Includes shares which the listed shareholder has the right to acquire from options".
So while I really don't know exactly where they find the number they use for their Free Float Adjustment , it could be even worse than what I'm showing in that spreadsheet.
If Russell were to use that 5.6 million shares total and it were "removed from total market capitalization to arrive at free float or available market capitalization" , the TIV PPS required to be included in the R2K would be even higher , i.e. , Ms. Roberts' Free-Float-associated min.-TIV-PPS would jump to
$7.93 and mine would jump to $8.93.
JMO -jonesie
Directors and Executive Officers
Shares (1)
Total (2)
F. Lynn Blystone
1,227,853
4.8%
Milton J. Carlson
347,000
1.4%
Thomas J. Cunningham
540,000
2.1%
Arthur M. Evans
45,000
0.2%
G. Thomas Gamble
2,183,834
8.7%
Paul W. Bateman
101,000
0.4%
Edward M. Gabriel
100,000
0.4%
Joseph R. Kandle
500,000
2.0%
Robert A. Bell
135,000
0.5%
James G. Bush
130,000
0.5%
Henry Lowenstein, Ph.D.
102,200
0.4%
William H. “Mo” Marumoto
102,000
0.4%
Loren J. Miller
295,800
1.2%
Number of
Percent of
Shares (1)
Total (2)
Total group (all directors and
Executive officers - 13 persons)
5,608,687
22.1%
(1)
Includes shares which the listed shareholder has the right to
acquire from options as follows: F. Lynn Blystone 729,350,
Milton J. Carlson 240,000, Thomas J. Cunningham 523,000, Arthur
M. Evans 45,000, G. Thomas Gamble 96,667, Joseph R. Kandle
475,000; Dr. Henry Lowenstein 100,000, William H. ”Mo”
Marumoto 100,000
(2)
Based on total outstanding shares of 25,077,184 as of December
31, 2007. The persons named herein have sole voting and
investment power with respect to all shares of common stock
shown as beneficially owned by them, subject to community property laws where applicable.
