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Heritage Bankshares Inc. Message Board

  • barkingdog78 barkingdog78 Apr 20, 2009 5:31 PM Flag

    Vote "NO" on amending the articles ...

    By the time they get the TARP funds, the financial crisis will be over.

    I can't believe it's worth the cost and time to get it done.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • "The problem is, after some people have owned the stock for many years of underperformance, a lot of the current value is being shifted to the insiders."

      I agree! I voted AGAINST! It's not hurting the bank ... pref not needed and common still has plenty authorized to issue more stock.

    • Option date raises some questions? If the directors met or authorized action by consent on Jan. 28, why was this 8-K reporting some of the Jan. 28 actions filed on Jan. 29 ...

      http://sec.gov/Archives/edgar/data/719731/000119312509014181/d8k.htm

      but the 8-K reporting the option grants wasn't filed until Feb. 3?

    • According to the 8-K filed earlier this year (link posted on this thread):

      "Other material terms and conditions of the new awards are as follows: (i) the options will be incentive stock options to the extent permitted;"

      It's not in the company's interest to issue incentive stock options (ISOs). There is no significant tax benefit to the company. ISOs only favor the insiders who receive them. Nonqualified stock options are much more beneficial to the company and the shareholders.

      Express your disapproval of these actions. Exercise your rights as a shareholder: VOTE NO TO AMENDING THE ARTICLES!

    • I don't have any doubt that HBKS is a great bank and stock ... and it's undervalued.

      The problem is, after some people have owned the stock for many years of underperformance, a lot of the current value is being shifted to the insiders. There was no need to change the rules on issuing options or to reprice existing options.

      Express your disapproval of these actions. Exercise your rights as a shareholder: VOTE NO TO AMENDING THE ARTICLES!

    • Someone pointed out to me that the options issued this year were explained in a separate filing. The price was exactly $8.25.

      http://sec.gov/Archives/edgar/data/719731/000119312509017648/d8k.htm

    • I would vote "NO" on the common stock authorization also.

      On the stock option issuance at 8, as I recall, the stock didn't trade on the day of the grant. The quote was 8, the bid was 9, and the ask was 11. The proxy statement explains the change in policy earlier this year that led to the lower price:

      "The Board of Directors may approve the grant of nonstatutory stock options and options qualifying as incentive stock options. The option price of either a nonstatutory stock option or an incentive stock option will be the fair market value of the Company’s common stock on the date of grant. Prior to January 28, 2009, “Fair Market Value” was defined under the New Plan generally as the weighted average (based on daily trading volume) during the thirty (30) day period next preceding the date of grant of the “last sale” prices of a share of the Company’s common stock on the five (5) days nearest preceding the date of grant on which at least 300 shares were traded. On January 28, 2009, the Board of Directors amended the definition of “Fair Market Value” under the New Plan to consist of the following: (i) the closing price of a share of the Company’s common stock on the OTC Bulletin Board on the grant date of the applicable award, if the grant date is a trading day; or (ii) if shares of the Company’s common stock are not traded on the grant date of the applicable award, then the closing price of a share of common stock on the OTC Bulletin Board on the next preceding date on which a trade occurred; or (iii) if (i) and (ii) are inapplicable, the fair market value as determined in good faith by the Board."

    • A better plan would be to restore the NASDAQ listing!

 
HBKS
15.05-0.10(-0.66%)Jul 24 9:30 AMEDT

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