So what are the share counts??
IPMC Holdings Corp. (OTC PINK: IPHC) had 16,081,296 shares issued and outstanding as of its last SEC filing, in March 2003. If one assumes (and it would be a safe assumption) that this is what the share count still was at the time of the most recent 2:3 R/S back in October 2005, in which its symbol was changed to IPHG, one can then also assume that the resulting share count was 10,720,864 shares.
Now, with Grifco making the fair market exchange of all of CTT's "issued and outstanding capital stock" in return for a dividend distribution of "75,000,000 newly issued shares of IPMC's common stock," it is then safe to assume that the total share count for the CTT company is expected to be as high as 85,720,864 shares.
This means that Grifco's temporary ownership stake in this company will in effect be "approximately 88%" (not exactly 88%, but approximately 88% -- as said in the PR). To be a bit more precise: Grifco's temporary ownership stake will actually be 75,000,000 / 85,720,864 or 87.5%!
According to kennerflip (as per his visit with Jim Dial in mid-August), the exact GFCI O/S share count was 31,571,429 shares at the time. And the only definitive change I can think up is Lyamec's keen purchase of 6,000,000 shares a little after that, bringing the total GFCI O/S share count to 37,571,429 shares. Surprisingly, the number jibes with our most popular count of 38,000,000 shares, so I place my bets on this as the most accurate share count.
To conclude, we have 37,571,429 shares that are issued and outstanding in GFCI, and we have 75,000,000 shares in the new company that will be distributed as a dividend to GFCI shareholders in proportion to their holdings of GFCI. So, for every single share of GFCI that we own as of a record date to be announced, we should get 1.996 (or 75,000,000 / 37,571,429) shares of the new company!
In short, we should get 2.0 shares of the new, CTT spin-off company as a distribution of dividend for every share of GFCI that we own as of the record date. Not a bad deal at all, folks!
Been_Burned_Before
