than that currently being reported by Yahoo re: PZN's ADV and Market Capitalization, I will endeavor to provide same.
Market Guide furnishes the subject data to Yahoo-Finance for reporting on this site. Due to the 1/01/99 merger of "old" CCA with PZN, it may take MG weeks to more accurately reflect the M-C for PZN and perhaps 3 months to reflect a more accurate ADV.
The reason for the M-C being wrong is that MG's computers are still multiplying the stock's price by the shares PZN had outstanding prior to its merger with CCA. Why it might take them as much as perhaps a month to rectify that, I can't say, but it usually has.
According to PZN's 3Q98 10-Q (filed 11/17/98), as of 10/31/98, PZN reported 21,945,569 shares outstanding (s/o).
CCA's documented record of shares outstanding is more interesting, if less stable.
In its 2Q98 10-Q, filed 9/29/98, it reports 80,523,735 s/o as of 8/01/98.
By the 11/16/98 filing of its 3Q98 10-Q, it reported s/o (as of 11/01/98) of 84,214,275. How come 3,690,540 more s/o in just 3 months (an increase of 4.58%) some may wonder? The answer, of course, is that HSBC began its monthly purchases of CCA stock in September.
If you tried to back into the s/o by taking the M-C, as reported here on Yahoo, and dividing it by the share's price, you would've been behind the times and in error. Through the week ending 11/20/98, the s/o number you would've backed into would've essentially been the one reported in the 2Q98's 10-Q (a/o 8/01/99).
Beginning with the week ending 11/27/98, MG adjusted its s/o multiplier upward, but, for the remaining 5 weeks of 1998, the average "backed into" s/o figure was still LESS THAN the s/o CCA reported in its 3Q98 10-Q (84,209,605 vs. 84,214,275).
In consideration of HSBC's continuing purchases through November and December, neither of those numbers was an accurate reflection of CCA's actual s/o.
Per CCA, its s/o as of 12/31/98 stood at 91,379,203 (while "backing into" s/o from Yahoo's reported M-C on 12/31/98 would've yielded 84,198,582).
Since I do not have PZN's comparable s/o as of 12/31/99, but expect to have it, I will assume its 3Q98 10-Q's reported 21,945,569 to be operative for 12/31/99.
Disregarding the fractional shares of PZN (on conversion of CCA shares) redeeemed for cash (and thereby retired), I have assumed that the "merged" PZN began 1999 with 101,902,372 shares outstanding, calculated as follows:
21,945,569 + 91,379,203 x 0.875 = 101,902,372.
With that as a multiplier, PZN's M-C should be:
$22.3125 x 101,902,372 = $2,273,696,675.
That's #2,273.7 M versus the $489.7 M which Yahoo (per MG) is currently reporting.
As RP has mentioned in #135, HSBC will be purchasing additional shares (on a monthly basis of $50 million per) throughout FY99 and FY00. The actual number of shares HSBC's $50 M will translate to depends on the average of that month's daily closing prices for PZN.
If, for example, that averaged daily closing price for January's 20 trading days was to come to exactly $25.000 / share, PZN would issue HSBC 2,000,000 more shares and February's s/o would start out with ~103.9 million.
PZN will be revising its s/o upward each month (for the next 2 years) and unless someone (@ PZN) notifies MG of this situation, they'll probably be at least a quarter behind in relavancy as far as M-C is concerned.
With regard to ADV, if this were a simple matter of a stock split rather than a merger, it would still take MG 2 or 3 weeks to make the correct adjustment, but since this IS a merger and since MG calcs the ADV by averaging, on a monthly basis, the prior 3 months of trading days, it'll take close to that long for its ADV to bear a semblance of reality to the post-merger ADV.
Witness the fact that in its first 5 trading days since the merger, PZN has averaged 742,840 shares traded per day this past week.
As of the end of the week on 12/31/98, PZN's ADV was reported here on Yahoo as 167,909 shares. Now it is reporting 202,590.
Of what relevance is PZN's pre-merger ADV (when it had about a fifth of the post-merger's shares outstanding) to its trading activity since the merger? Not very much, IMO. But you'll have to wait the better part of 3 months until you can rely on what Yahoo is telling you.
As a point of information to the many who did not attend Doc's Road Show, one of the criteria HSBC required for its equity participation was that the ADV, post-merger, had to be a minimum of 500,000. It appears that PZN is off to a healthy start in meeting that condition.
Since it is a matter of custom for me to maintain end-of-the-week statistical summaries, I will be calc'ing PZN's post-merger ADV and market cap. If there is any interest on the part of lurkers here, let me know and I will try to provide periodic data to keep these factors more currently accurate until Yahoo's reporting catches up with reality.