Tuesday, April 26, 2005 8:19:37 PM
At present there are about 500 Million shares available for issue. There are about 1 Billion shares in the OS. A total of 1.5 Billion.
After the R/S there will be as few as 50 Million shares in the OS, but every one will be the equivalent of 20 pre R/S shares. Additionally there will now be 0ver 1.4 Billion shares available to issue, since the A/S will remain at 1.5 Billion.
Since each post R/S share is the equivalent of 20 of the previous shares, the 1.4 billion shares equates to 28 Billion of the previous shares.
A couple of posters have suggested that DNAP will not need to use all of them and so there is not much risk. I would call everyones attention to the last authorization vote when the company said they had no need for any of the shares except those needed for the warrants plan, but they would be available if circumstances changed and anyway any use of those shares would be voted on by the shareholders.
Perhaps a more realistic scenario would be to authorize an additional 1.5 Billion shares for a total of 3 Billion, followed immediately by a R/S of 20 to 1 for ALL shares (both OS and AS). The resulting limit of 150 million post R/S shares would ensure that a runaway dilution would be impossible.
regards,
frog
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