dennyd, my notes didn’t state shareholders would

dennyd, my notes didn’t state shareholders would support a sale of $47 million - $67 million. In answering the question about a realistic selling price of the company, Foley said there are two answers to that: The first is the valuation of the stock, pre-split, of about $47 million. The other answer is the average of what 60% of shareholders would be willing to sell their shares for—a $67 million valuation. I’m not bringing this up to prove anyone right or wrong; I’m bringing this up because there are a few surprising takeaways from this: First, the $67 million average valuation agreed upon by 60% of shareholders seems very low to me. Second, why would Foley pick a $47 million valuation, which is $20 million below the average shareholder valuation target and more than $50 million below what he claims we were offered by other suitors a few years ago? I believe Samsung was one of the suitors.

For clarity, part of my notes from the conference call that address this issue are below:

Shareholder Question:

What is a realistic selling price for the company?

There are two answers to that: Pre-split, we had a $47 million valuation. We did an extensive survey with shareholders, asking their target price goal for the company (over 60% of shareholders responded). The target share price from shareholders comes in at $67 million as a buyout target. That’s where we would base our price at. We believe we have value in the company that’s not reflected in the share price, but would consider selling the company from anywhere between $47 million to $67 million.

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