osinod
Banned
ciao Luciano,
mai fare queste affermazioni con Osinod, domani il titolo fa +2.5% e lui ha la conferma che i fondamentali non contano nulla...
A 10$ ci arriva, ma dopo il reverse split:
On August 31, 2010, pursuant to, and in accordance with, the Investment Agreement, the Company completed the issuance and sale to the Investor of 225,000,000 shares of Common Stock and 455,000 shares of Series C Preferred Stock for aggregate consideration of $500 million in cash (the "Investment").
Each share of the Series C Preferred Stock will mandatorily convert into 5,000 shares of Common Stock (subject to certain anti-dilution adjustments) following shareholder approval of an amendment to the Company's Articles of Incorporation (the "Articles of Incorporation") to increase the number of authorized shares of Common Stock to permit the issuance of all of the Common Stock into which the Series C Preferred Stock is convertible (See Item 5.07 of this Current Report on Form 8-K).
Con la mia calcolatrice, che ha i suoi limiti, non riesco neanche a calcolare quante saranno le azioni post conversione...
2.5 Billions shares outstanding!
Shares outstanding prior to the deal = 46.792 million. Common shares purchased at 0.20 by Ford Financial = 225 million. Mandatorily Convertible Preferred shares purchased by Ford Financial = 2.275 BILLION common equivalent shares at .20 per share. (the math is each preferred share is worth $1,000 and convertible at .20 per share into 5,000 shares. 5,000 common shares per preferred x 455,000 preferred shares = 2,275,000,000 common shares). So 2,275,000,000 + 46.792 million + 225 million = 2,546,792,000 shares fully diluted. And that's not all!! Existing holders have the right to participate up to 20% of the new pro-forma shares outstanding at .20 per share, so the share count could increase another 20% at .20 per share. Why people are willing to pay $2.18 for a stock where more than 90% of the company just changed hands at what a very sophisticated investor thought was their fair value of 0.20 is beyond me. Ford put up $500 million, and now has 90%+ of something worth over $5 billion?!! They paid .20 for something that one could argue has about .30 of book value post deal, so a decent deal for them. But why would it be worth 10x what they paid. If it were, management and the board would be going to jail for fraud for agreeing to sell out at such a low price.
