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MFC Industrial Ltd. Message Board

  • jrb2000 jrb2000 Jan 8, 2013 6:56 PM Flag

    Kellogg effectively owns 53% of the stock -- bullish!!

    I agree with "northoil" that Kellogg effectively controls just over 50% of the stock.

    The new SEC filing says Kellogg has 30% of the stock, and that IAT (Kellogg's company) separately has 20% of the stock.

    In that filing, it states:
    "By virtue of his position with IAT, Mr. Kellogg may be considered to indirectly beneficially own such shares. Mr. Kellogg disclaims beneficial ownership of any shares owned by IAT. In addition, Mr. Kellogg disclaims beneficial ownership of 1,200,000 Shares owned by his wife, Cynthia." (So, his wife owns another 2% of the stock...)

    So, Kellogg denies ownership of the 20% of shares held by IAT. I think that was done to avoid any potential adverse consequences of any one individual owning more than 50% of a stock (some people on this board may know why you want to stay under 50%).

    What this means -- there is much more room for Kellogg to buy more shares -- he could increase his personal shares from 30% to 49%, for example.

    Also note that insiders own almost 10% of the stock, if I remember correctly. So, assuming Kellogg/management hold their shares, the tradeable float is getting to be very small (less than 40% of outstanding shares, and possibly much lower due to future purchases by Kellogg, and/or due to a few institutions holding for the long term...)

    THIS IS EXTREMELY BULLISH!!!

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    • on 62.5 mil of shares, and I expect that number will be a bit on the low side with future reporting, the float after Smith, sons, Kellogg, and two others is today at roughly 34 million shares. My reading of the documents is that the selling and buying of PK puts him at roughly 30%; a bit more if you include his wife's stock. If PK owns 50%, I would be most surprised. Has anyone figured out from the recent filing how and why MIL sold stock to a director at $5++ ?

    • perhaps none of you have ever been party to a 13/D filing. THE HIGHEST NUMBER IS THE COMBINED HOLDING OF ALL PARTIES!! THE OTHER NUMBERS REFLECT THE HOLDINGS OF THOSE ISOLATED PARTIES. YOU DON'T ADD UP THOSE SEPARATE NUMBERS. THE BIGGEST NUMBER IS THE TOTAL. 'NUFF SAID. NOWHERE NEAR 50%. IT IS JUST OVER 30% THAT'S IT!!!.

      • 1 Reply to j_k_walk
      • From the filing:

        Names of Reporting Persons : Peter R. Kellogg
        Sole Voting Power 19,346,159
        Shared Voting Power (…zero…)
        Sole Dispositive Power 19,346,159
        Aggregate Amount Beneficially Owned 19,346,159
        Percent of Class 30.9%
        Type of Reporting Person IN (Individual)

        Clearly, Kellogg owns, controls and votes 31% as an individual.

        For IAT: Names of Reporting Persons: IAT Reinsurance Company Ltd.
        Number of Shares Beneficially Owned 12,974,562
        Sole Voting Power 12,974,562
        Percent of Class 20.7%

        Who is IAT? From the filing: “Mr. Kellogg is the SOLE owner of IAT’s voting stock, is a member of IAT’s board of directors, and is the President and CEO of IAT. “ Further, the business address for Mr. Kellogg and IAT is 48 Wall Street, 30th floor, New York, NY 10005. IAT and Kellogg are one and the same.

        Again, clearly, IAT is totally owned and controlled and its shares voted by Kellogg. It's more than "effective control". Kellogg actually owns all 51.6%. There are no ""isolated parties" or other parties comprising the 52%

        JK - Please, tell me again what part of the 13D I don’t understand.

 
MIL
7.69+0.02(+0.26%)Jul 29 4:00 PMEDT

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