Just for clarification...OS/AS Issue...from Nobull101
11/3/2004 7:03:41 PM
Posted By: Nobull101 Msg# 64336 of 64383
I wanted to follow up on an earlier post from last week regarding my conversation with Olsen and the OS/AS issue. I believe my post created more questions then answers...so I hope this will clarify things. I received a call today that has cleared up the issue for me. The following information is 100% accurate.
There was a misunderstanding or some confusion in the way the question was asked regarding Olsens 53% ownership. Some here and on other boards will question the following information...however, there is not much I can do about that. This information is strickly for the LONGS in order to put to rest the the OS/AS issue...it's pretty much what we expected.
Here is the current OS/AS situation...
Authorized Shares = 50 Billion shares
Outstanding Shares = 15.5 Billion Shares
Outstanding Share are broken down as follow (keep in mind this is prior to the buy back)...
9.5 Billion Outstanding Shares of which Frank Olsen owns 53% of...
5,035,000,000 shares owned by Frank Olsen
4,465,000,000 shares in the Float
6,000,000,000 Restricted Shares Held by institutions for security against agreements (Five year option to purchase back)
There have been no other shares issued from the Authorized. Anyone stating differently is an unreliable historian (liar). There is currently 34.5 Billion shares left in the AS. The AS was increased for future mergers and acquisitions (Described to me as a security blanket).
Rene stated in the CC that 1 billion shares will be bought back...that is correct. The first phase of the buyback is nearing completion. The buyback will ultimately reduce the 9.5 Billion OS to 8.5 Billion.
Once the buyback is complete there should be 3,465,000,000 shares in the Float.
............................................
On another note...
Rene Schenk is in Germany. Not sure why...but it is business related.
Olsen is in Dallas. Again, not sure why...but it is business related.
Thats all I have...
Bashers!!! You can now twist and turn the information as you see fit...lol
Good Luck
AI
