The reality of-a-takeover is Justin Dye is the largest PREFERRED STOCK shareholder, and along with Brian Ruden and other insiders, they have more votes than all the common outstanding shares combined.
So what we think, or what we would vote for, really is not important, as the insiders control the ultimate destiny of any takeover attempt, at this time.
So any takeover attempt would likely begin with a company buying up 10% or more of the total shares on a diluted (all preferred shares converted to common) basis.
From the last conference call...
Joanne Jobin
Next question is, what is the fully diluted share count, assuming all classes, warrants and options?
Nancy Huber
So we did a recent calculation when our stock was about 260 looking at warrants and options that were vested in the money, and it resulted in about $120.2 million of -- or 120.2 million shares. That includes the preferred shares being converted into common as well as our common stock.
So 120 million shares x 10% is 12 million shares would need to be accumulated for a takeover candidate to acquire 10% of the company.
Do you realize what the stock price would be if someone accumulated 12 million shares of 45 million shares outstanding, with only about a 30 million share trading float, in a short period of time?
That would easily cause the share price to be over $5/share...imo
So, once again, we just need to sit back and let this company and stock continue to play out... Since the insiders control the buyout price and are the largest shareholders, I feel our destiny as investors is in great hands.
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