Looks like they bought just shy of 2 million more shares and own 29.9%.
Becker Drapkin QP 1,432,672 $ 1.1000 (1) Open Market Transaction
Becker Drapkin LP 199,258 $ 1.1000 (1) Open Market Transaction
Becker Drapkin QP 307,265 $ 1.0900 (2) Open Market Transaction
Becker Drapkin LP 42,735 $ 1.0900 (2) Open Market Transaction
(1) Excluding commission of $0.015 per share.
(2) Excluding commission of $0.020 per share.”
amazing to me that they are paying between .015 and .02/share commission for these trades....I guess you gotta pay the extra bucks to find investors to sell you large lots.
re: "(1) Excluding commission of $0.015 per share.
(2) Excluding commission of $0.020 per share.”"
It does seem high but I think the fee is for working the orders moreso than finding lots.
I speculate that the market maker aquires shares knowing BD will buy them and in this case, they mark them up a little and cross the blocks.
Didnt expect them to pay up to $1.15 however.
I came up with $1.23 per share in cash/book but they have some kind of burn rate going forward.
They've got a CEO but we dont know what he earns, it wasnt in the proxy. Maybe it didnt have to be but typically it is when there is a new one.
One wonders if they will try to turn this into a public hedge fund sort of what Biglari did with Steak N Shake ?