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GreenHunter Resources, Inc. Message Board

  • davidmorse42 davidmorse42 Aug 3, 2013 6:48 AM Flag

    A Further Correction to GRH Major Shareholder Ownership

    I have been castigating Northpoint Capital LLC for having sold 1 million plus shares over the last six months. NOT TRUE!!!! They currently hold 1,455,230 shares and are the largest INSTITUTIONAL shareholder in GRH. They have not sold a share!

    The mistake I made was in assuming they were the institution that was alluded to in a press release from GRH on August 29, 2012 announcing the conversion of the Series B convertible into 2,450,500 shares of common stock at $4.00 per share. IN FACT, THE INSTITUTION WAS WEST COAST OPPORTUNITY FUND! They then sold 1,225,250 of those shares on October 9, 2012 for $2.00 each! Go figure!

    Also on August 29, 2012 the Series A convertible was swapped for 345,000 shares of the NON-CONVERTIBLE Series C preferred at essentially par ($25). The institution involved was also West Coast Opportunity Fund.

    THIS WAS A VERY IMPORTANT FINANCIAL MILESTONE FOR THE COMPANY in that $18.6 million of convertible preferreds were eliminated for minimal dilution. It also made the Preferred C the senior preferred, which today with a current yield of 13.5% is a very compelling opportunity in this very low yield market environment.

    Sentiment: Strong Buy

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    • David, thanks so much for your posts. You bring great information to light. I hold a decent stake in MHR (about 20K shares), and have started to accumulate a small position in GRH common. I agree that the yield on the Series C looks great, but how safe is it? I'm looking hard at it, and take comfort in the fact that I'd be ahead of a ton of Gary's common equity, but it's so hard to model future ability to service interest expense for an entity that is just getting a business off the ground, even one as compelling as this one. I'd appreciate any thoughts you have on it. Do you hold the Series C of GRH?

    • Enjoy your posts ...Please keep it up !!!!

      Sentiment: Strong Buy

 
GRH
0.80+0.0018(+0.23%)Jan 30 4:02 PMEST

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