for those that like numbers, I have some analysis and info from the SPNG's share issuance document............Bottom line...there appears to be a huge amount of air shares and that will be the case whether M&M survive or not!! So here it is....
OS Calculation, first pass:
1. Number of CEDE shares Issued & Cancelled 927,394,379
2. Number of CEDE shares Issued 1,878,816,720
3. Number of Individual/Entity Shares Issued 374,859,486
4. Number of Individual/Entity Shares Issued & Cancelled 442,466,999
Therefore, the OS count is equal =1+2+3 (4 is not counted as it is included in 2)3,181,070,585
OS Calculation, second pass, with correction:
1. Unaccounted number of CEDE shares Issued & Cancelled on 11 June, 2009 747,975,479
(as there were no Individual/Entity shares issued on 11 June, 2009)
2. Total number of CEDE shares Issued & Cancelled 927,394,379
3. Correct number of CEDE shares Issued & cancelled to be considered 179,418,900
in OS count = 2-1
4. Number of CEDE shares Issued on 11 June, 2009 1,595,092,979
5. Ref. to 2, number of Individual/Entity shares Issued & Cancelled on 9,500,000
11 June, 2009 (National Financial Services)
6. Similarly, Unaccounted number of CEDE shares Issued on 11 June, 2009 1,585,592,979
7. Total number of CEDE shares Issued 1,878,816,720
8. Correct number of CEDE shares to be considered in OS count = 7-6 293,223,741
9. Number of Individual/Entity shares Issued 374,859,486
Therefore the OS count after taking UNACCOUNTED CEDE shares 847,502,127
into consideration is = 3+8+9
OS as given in SPNG's quarterly filing dated 28 Feb 2009, page F-16 722,866,061
Total number of UNACCOUNTED CEDE shares Issued Plus 2,333,568,458
Issued & Cancelled = 1 + 6
Estimated number of Naked Shares given by Buyins.net 2,200,000,000
AI
