As of August 13 there were 254m per the PR. Based
Post# of 11040
Posted On: 09/20/2015 9:34:20 PM
Re: phx_invest #2765
As of August 13 there were 254m per the PR. Based on COR complaint, by ex dividend date on August 19th, maximum conversions would total 254m + 323m ($4m charged to COR) = 577m shares. Add the stock dividend and we are very close to that number. Volumes started getting really high on August 24, but OS had already grown, as COR’s complaint states :
“…because Calissio…purchased the vast majority of the common shares outstanding on the ex-dividend date back from shareholders before the ex-dividend date as part of its buyback program…”
IMHO had Calissio not been buying back those shares, price would have gone down. We all saw the cross trades happening… that was the company buying the shares as I speculated then. In summary, the number that was given to you was the correct OS, but there may be a confusion in semantics, as those shares were outstanding had they not been retired at the time.
The problem I see in your explanation is that conversions had happened by ex-dividend date. If your explanation is correct, as per PR on August 24th that mentioned 158m had been repurchased then OS prior to that time at some point could have reached 735m. This number can be found by adding 254m + 323m + 158m (+18.5, which is confirmed by COR when it states 177m, obtained by adding 158.8m +18.5m) = 754m. Based on the volume between, August 13 and August 24, stock traded sideways, so I don’t see these conversion as happening, as the dividend had not arrived in many of the accounts to create buying pressure to counteract it. An argument could be made from August 19- August 24, but based on volume I don’t see it as likely. So IMHO, based on COR assumption of purchases by Calissio before ex dividend and info I got as well as Brandorice, OS is likely 129m.
Sorry for the long post but there was a lot of explaining to do so that it was clear. Might take a couple of reads.
“…because Calissio…purchased the vast majority of the common shares outstanding on the ex-dividend date back from shareholders before the ex-dividend date as part of its buyback program…”
IMHO had Calissio not been buying back those shares, price would have gone down. We all saw the cross trades happening… that was the company buying the shares as I speculated then. In summary, the number that was given to you was the correct OS, but there may be a confusion in semantics, as those shares were outstanding had they not been retired at the time.
The problem I see in your explanation is that conversions had happened by ex-dividend date. If your explanation is correct, as per PR on August 24th that mentioned 158m had been repurchased then OS prior to that time at some point could have reached 735m. This number can be found by adding 254m + 323m + 158m (+18.5, which is confirmed by COR when it states 177m, obtained by adding 158.8m +18.5m) = 754m. Based on the volume between, August 13 and August 24, stock traded sideways, so I don’t see these conversion as happening, as the dividend had not arrived in many of the accounts to create buying pressure to counteract it. An argument could be made from August 19- August 24, but based on volume I don’t see it as likely. So IMHO, based on COR assumption of purchases by Calissio before ex dividend and info I got as well as Brandorice, OS is likely 129m.
Sorry for the long post but there was a lot of explaining to do so that it was clear. Might take a couple of reads.
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PLEASE READ IF YOU READ MY POSTS
I invested in Calissio Resources Group because I considered the financial statements warranted an investment. For every reader here that has been paying attention to my posts, please note the following:
1) I am not licensed to give investment advice. Everything expressed here is an opinion of my own for discussion purposes.
2) The only thing I know about the upcoming merger is that typically they are good for investors. A premium is typically offered when companies go private from what I understand. I certainly was and still am an investor before this announcement was made.
3) Finally, regarding the current OS, while there is lots of conjecture, I must rely on the only available information out there which has been presented in PRs. Therefore, OS as of the last PR was 242m. Consequently, I don't believe there is reason to believe I am a majority holder, despite recent purchases, without making a large degree of assumptions.
If anyone is wondering why I am posting this, it is because I want to make sure no one misinterprets my posts or considers I have any intent on the board other than to share potential ideas/speculate on possibilities.
I invested in Calissio Resources Group because I considered the financial statements warranted an investment. For every reader here that has been paying attention to my posts, please note the following:
1) I am not licensed to give investment advice. Everything expressed here is an opinion of my own for discussion purposes.
2) The only thing I know about the upcoming merger is that typically they are good for investors. A premium is typically offered when companies go private from what I understand. I certainly was and still am an investor before this announcement was made.
3) Finally, regarding the current OS, while there is lots of conjecture, I must rely on the only available information out there which has been presented in PRs. Therefore, OS as of the last PR was 242m. Consequently, I don't believe there is reason to believe I am a majority holder, despite recent purchases, without making a large degree of assumptions.
If anyone is wondering why I am posting this, it is because I want to make sure no one misinterprets my posts or considers I have any intent on the board other than to share potential ideas/speculate on possibilities.