8-K filed today, creates 2 new BOD slots. My gut feel is I don't like it. Any other ideas?
they finally got around to a "story" at 5:54.....links? Any news streamer that includes a DJ feed would have shown you the headline and later the story...you may use the link within the footnote as it says, for today and tomorrow only.
Siga Tech 3Q Basic Loss/Shr 9c Vs. Basic Loss/Shr 7c
Last update: 11/6/2008 5:54:54 PM
DOW JONES NEWSWIRES
Siga Technologies Inc. (SIGA) said Thursday that its third-quarter net loss widened to $3 million, or basic 9 cents a share, from a net loss of $2.49 million, or basic 7 cents a share.
In a filing with the Securities and Exchange Commission, the company said its third-quarter revenue rose to $1.86 million from $1.6 million a year ago.
Shares of the New York-based developer of pharmaceutical agents to fight biowarfare pathogens closed Thursday at $3.29, down 1.79%.
-By Brian Kalish, Dow Jones Newswires; 202-862-1350; firstname.lastname@example.org
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=yaK%2B9URUjz2GfabgsG5QBg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
November 06, 2008 17:54 ET (22:54 GMT)
Reason cited is "corporate governance". Twelve seems like a lot for a small company. Siga seems to be marketing themselves by peddaling influence through board members.
Why an *even* number of board members?
Board elections typically must be approved by shareholders. Was increasing the number of directors done to get around a vote?
EBS has an admiral on their board. Is this a move to lobby the DOD?
There has been wide speculation on merger with larger pharma. If this is an eventuality, it seems smart to have an expert on board to make sure the deal is sweet.
You know nicehedges, the more I read your one word posts the more I think I'm in the 1970's at a funky smokey sweaty disco nightclub across from some hot young busty brickhouse dancing the
Do the Bump! Bump! Bump!
Why would you take this as a negative? They aren't losing anybody on the board by resignation, or departure. They are creating two new positions on the board and issued them 25,000 shares each at a price of $3.14 a share. These two new members of the BOD certainly aren't going to be satisfied with that share price. I'm sure that they will be motivated to double , trip[le, or quadruple the value of their shares in the not too distant future.
The one possible negative I could imagine is if both of these guys also serve on other Ron Perleman company boards of directors. If that's the case the fix is obviously in.
Bruce Slovin is on the board of Directors of McCandrews and Forbes, Perleman's holding compny, so that might be a red flag, but maybe it's a big positive. We'll see.
But the other new BOD member looks well connected with the defense department and a guy with strong mergers and acquisitions eperience. Could be a heads up that SIGA is going to be shopped, or is entering buyout discussions already.
On a separate , but somewhat related note, Amgen stated very recently that it has over 9 billion dollars that it's going to use to go after small biotechs in cash strapped positions. That might not be SIGA any longer with the recent receipt of 80 million dollars in grants from the Federal government, but even with the grants SIGA has to be an attractive target based on their pipeline and platform.
Don't be a fool and sell. we could be entering into some very interesting times for SIGA now. JIMO.
Slovin has a MacAndrews Forbes relationship as a director of M&F Worldwide Corp and Bayer deals with mergers & acquisitions in the energy and national security sectors
I just don't want to see my shares sold for a lot less than they're worth (over $20 nearer term IMO)