i just went and dug the Form 4 out from the SEC site, and sure enough the verbiage you have quoted is exactly what is in the footnotes of the Form 4.
i am a bottom feeder (value investor), and have been doing DD on ACTU for a couple days now.....very impressive that his 10b5-1 has a price limit set - very very good sign - he is in it for the long haul. a number of my other holdings' 10b5-1 plans dont have a price limit, which i find infuriating beyond words.
reading the conference call transcript, the thing that killed them last Q was domestic market - i would expect that weakness to spread to the overseas markets next Q, which is the only thing that has stopped me from jumping in right now. i am also less than thrilled that they are so concentrated in one vertical (financials). with that said, live by the sword, die by the sword...when the finacials come back (and they will) ACTU will rise with them.
in agreement with a previous post as well....my valuation puts fair value at around $6.50.
good luck everybody - maybe a rocky few quarters ahead, but i think its a solid play long term.
Nico the Chairman believes it isn't worth keeping as he continues to dump 120,000 shares a month. Notice can over the wire today on how UBS or one of the brokers messed up the sale in Feb. I think we are all fools for owning this garbage. The numbers are going to be poor in Q1 and worse in Q2.
If there was real talk of a buy-out, Nico wouldn't be selling.
Open Eggplant Nico has many expiring options every month and is be forced buying the shares. To hold his share is to riskey and not wise and leading to huge tax + capitol lose. To selling is only the strategy possible.
Other people can't imagine buying ACTU at these prices. That's what makes a market. For now the bear side is winning here because ACTU management recently guided no growth for 2008. Who knows if that guidance is accurate ? The financial sector is the majority of ACTU's customer base. If that sector doesn't buy from ACTU then ACTU's revenues will be significantly lower in 2008 than 2007. Who knows about profits, or losses ? Lots of uncertainty about Actuate's business right now. Add to that the bearishness of the overall Nasdaq market and it's not a good outlook for Actuate stock.