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Insmed Incorporated Message Board

  • hang.cheney hang.cheney Apr 11, 2012 9:07 AM Flag

    (As of 31/Dec/11) >50% shares outsanding in insty hands

    Beneficial Ownership changes:

    Quaker BioVentures and FMR (aka Fidelity Biosciences, aka Beacon BioVentures) both increased their holdings by 17.9 and 17.6%, respectively (strangely similar increases).
    TVM Capital and Prospect Venture partners both unchanged.
    All of them are the former Transave VCs.

    Quaker+Prospect+TVM+FMR = 7.31M shares.
    Remember: Former Transave investors helped themselves to a total of 11.8M (split adjusted) shares in the new insmed (47.5%). I am unable to account for the missing 4.46M shares. Under the terms of the Merger Agreement, former Transave VCs were prohibited from selling until 1-Jun-11, and thereafter limited to selling 1/3 of their holdings every six months (a maximum of 3.86M shares during the 6/1 to 12/1/11 period). ...Feedback invited.

    SEC demands only the listing of Beneficial Owners holding ≥5% of the outstanding shares. So we have to look at external analysis. Nasdaq has a comprehensive list, here:

    So the ownership list (as of 31-Dec-11) can be filled out as follows:

    Quaker BioVentures 2,195,463
    FMR LLC 1,881,752
    TVM Capital GmbH 1,627,854
    Prospect Venture Partners 1,604,940
    Blackrock Inc 1,328,167
    Barclays Global Investors UK Holdings Ltd 689,325
    Blackrock fund advisors 548,612
    State Street Corp 376,126
    Vanguard Group Inc 362,036
    Northern Trust Corp 310,546
    Palo Alto Investors LLC 266,299
    D.E.Shaw & Co Inc 140,588
    TIAA Cref Investment Management 136,023
    California Public Employees Ret Sys 89,217
    Bank of New York Mellon Corp 74,804
    Blackrock Investment Management LLC 55,116
    Franklin Street Advisors Inc 54,229
    Geode Capital Management LLC 46,111
    Charles Schwab Inv Management Inc 33,300
    Madison Square Investors 32,723
    Goldman Sachs Group 25,724
    Morgan Stanley 23,648
    Rhumbline Advisors 23,824
    Manulife Asset Management 19,725
    Nationwide Fund Advisors 19,781
    Parametric Portfolio Associates 14,870
    Two Sigma Investments 14,481
    Blackrock Advisors LLC 14,472
    Russel Frank Co 14,000
    Bank of America 11,939
    Deutsche Bank 5,597
    Group One Trading LP 2,900
    Barclays PLC 775

    Whitten 27,300
    Tully 43,933
    LaBella 16,200
    Gupta 8,200
    Hayden 27,594
    Sharoky 93,637
    Engelsen 148,951
    Whitcomb 44,409
    Kollender 5,469

    sub-total 12,460,660
    total shares outstanding 24,874,852

    --> so, at least 50% of shares outstanding are in insty hands.

    On the whole, there was increased (not decreased) investor interest thoughout this period. Maybe it was mostly Russell related... who knows.

    On the one hand, if 50% of the float is in strong hands, I am less worried as a seriously-in-the-red long. But I am no less worried that I think the former transave VCs (and Sharoky) are ultimately undermining the stock price as part of some long-term strategy to bully retail investors out of their holdings on-the-cheap.

    So, to anyone going to the shareholder meeting (and I'll bet you no one here actually does - except maybe Hhand and/or Frtgrdn):

    Please press Kevin Tully regarding what are his plans with respect to raising additional capital going forward (after they burned >$33M of our money last year, whilst making no progress and awarding themselves stock and bonuses).

    Money is cheap to borrow right now. Any cash insmed needs could be borrowed simply by issuance of notes that only issue stock upon default, but I'll bet in reality, insmed plans simply to dilutes us with more BS talk of "long-term shareholder value" and (guess what) FMR, Quaker and Prospect are the buyers, at $2 each.

    Now watch this post vanish in a matter of hours...

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