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Mylan, Inc. Message Board

  • l_statland l_statland Apr 13, 2009 1:45 AM Flag

    How Many Shares Does Mylan Need?

    The current Mylan board of directors recommends that shareholders vote to approve an amendment to the Company’s Articles of Incorporation to increase the number of authorized shares of common stock from 600,000,000 to 1,500,000,000.

    How many shares does Mylan need?

    Currently Mylan Has:

    600,000,000 authorized shares
    304,894,578 shares issued and outstanding
    27,334,442 shares in Company equity plan
    267,770,980 net available authorized shares

    When Mylan bought Merck they diluted the common shares by raising capital with convertible preferred shares and convertible notes. Mylan will need shares to honor these obligations.

    Shares needed for convertibles:

    "up to" 152,785,775 convertible preferreds
    133,159,125 convertible notes
    285,944,900 shares needed

    Now then,

    267,770,980 net available authorized shares
    285,944,900 shares needed for convertible issues
    18,173,920 Additional authorized shares needed

    But Mylan is asking for an additional 900,000,000 shares. What do they plan to do with the other 881,826,080 shares (they stated they need more shares for executive compensation incentives). Rather than authorizing more shares, Mylan could meet it's share obligation through share buy backs.

    Vote your shares.

    Vote NO to authorizing more shares.

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