As of December 31, 2011, the Funds collectively: (i) owned 220,272 shares of Common Stock, (ii) had the ability to acquire up 4,139,668 shares of Common Stock within 60 days through the exercise or conversion of derivative securities, and thus (iii) beneficially owned 4,359,940 shares of Common Stock, representing 9.99% of all of the outstanding shares of Common Stock.
The foregoing percentage is based on 39,503,379 shares of Common Stock outstanding as of March 12, 2011, as reported in Amendment No. 1 to the Issuer's Annual Report on Form 10-K filed on June 30, 2011.
Interesting shift from last year. Note 60 day option huge increase.Sold shares for tax purposes last year but hedged due to pending pop on report release this year?
As of December 31, 2010, the Funds collectively: (i) owned 1,642,045 shares of Common Stock, (ii) had the ability to acquire up to 1,934,205 shares of Common Stock within 60 days through the exercise or conversion of derivative securities, and thus (iii) beneficially owned 3,576,250 shares of Common Stock, representing 9.99% of all of the outstanding shares of Common Stock.
The foregoing percentage is based on 33,864,091 shares of Common Stock outstanding as of December 28, 2010, as reported in the Issuer's Prospectus Supplement filed on December 30, 2010.
CBEH issued shares in 2010 and early 2011 which increased the 9.99% number that Vision is limited to own. Vision Opportunity China Fund sold most of their CBEH common shares after the Alfred Little attack. The bottom line is Vision can convert pref dollars for common. They also hold way out of the money warrants which I would be happy to see them exercise. It is a confusing Note to understand but I think Vision provided seed money in the form of Preferred shares and warrants which are convertible to common but they cannot have more than 9.99% of the voting rights at any time.
investors / analysts from Vision -- native speakers / native culture - suggests would have been able to access primary documents....
---------------------------------------- Tianning (Tina) Yu, Ph.D. Emerging Markets; China Biotech/Pharma
Tianning (Tina) Yu specializes in investments in the Biotechnology and Pharmaceutical Industries as well as firms operating in the Greater China region. Prior to Vision, she was a senior research scientist at Wyeth BioPharma and worked for Genzyme Biosurgery, Morgan Stanley, and Fidelity Asia Ventures in Hong Kong. She holds a Ph.D. in Chemistry from Princeton University, an M.B.A. from Harvard Business School, and a B.S. from University of Science and Technology of China. Ms. Yu is fluent in Mandarin.
Stuart Bradley (Consultant) Emerging Markets - China
Stuart Bradley specializes in investments in the Greater China region. Prior to joining Vision he worked as an Associate Director in the Investment Banking Department of UBS Securities in Beijing and as an Associate in the Investment Banking Department of HSBC in Hong Kong where he focused on state-owned enterprise restructuring, IPO and M&A transactions. Mr. Bradley completed the Wharton-Lauder dual-degree MBA/MA at the University of Pennsylvania where he graduated with honors. Mr. Bradley is fluent in written and spoken Mandarin and has completed Mandarin language programs at Beijing Normal University with Princeton-in-Beijing and at Tsinghua University with the Inter-University Program for Chinese Language Studies. He has a Bachelor's degree, cum laude, in Physics from Princeton University.