Posted On: 05/15/2013 6:05:37 AM
Post# of 96896
Found this DD post elsewhere by Antcoster which sheds some light on the financials poster last night. Great DD and Lorraine is proving to be a great addition to the Ntek team. Open, honest, and transparent, that is one of the things I like about this company.
Also, from this it sounds as if they will continue to buy back shares in the future to protect shareholder value.
"So I exchanged a bunch of e-mails with Lorraine after I had read through the disclosures this afternoon. Like most I was annoyed about them to retire shares only to give out more shares as restricted shares. The information that I had received from her...
Prior management made some contractual deals that alot of shares would have came off restriction soon. Instead of having those shares come off restriction, they issued them new restricted shares in their place. NTEK's restricted shares stay restricted for a minimum of 1 year, at least. Lorraine also said to me that over 500 million shares were retired and a little over 220 million shares were issued as restricted shares. Of those 220 million restricted shares, about 70% of them were issued to insiders & employees and confirmed that those shares will likely never hit the open market . There was also 80 million shares that NTEK will try to re-purchase back in cash before the minimum of one year restriction is up.
Also, in order for restricted shares to become unrestricted, there are strict guidelines that one must follow in order to qualify those shares to become unrestricted and released into the float. If you would like to read those guidelines here is the SEC website that presents all the guidelines:
Also, from this it sounds as if they will continue to buy back shares in the future to protect shareholder value.
"So I exchanged a bunch of e-mails with Lorraine after I had read through the disclosures this afternoon. Like most I was annoyed about them to retire shares only to give out more shares as restricted shares. The information that I had received from her...
Prior management made some contractual deals that alot of shares would have came off restriction soon. Instead of having those shares come off restriction, they issued them new restricted shares in their place. NTEK's restricted shares stay restricted for a minimum of 1 year, at least. Lorraine also said to me that over 500 million shares were retired and a little over 220 million shares were issued as restricted shares. Of those 220 million restricted shares, about 70% of them were issued to insiders & employees and confirmed that those shares will likely never hit the open market . There was also 80 million shares that NTEK will try to re-purchase back in cash before the minimum of one year restriction is up.
Also, in order for restricted shares to become unrestricted, there are strict guidelines that one must follow in order to qualify those shares to become unrestricted and released into the float. If you would like to read those guidelines here is the SEC website that presents all the guidelines:
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