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AMCOL International Corporation Message Board

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  • old_guy_gte old_guy_gte Apr 9, 2000 5:51 PM Flag

    Where's my freakin' $14 check?

    The balance sheet for 12/31/99 notes that shares
    outstanding at the end of the last quarter were 26,852,000.
    The 10-K recently filed with the S.E.C notes that the
    shares outstanding on 3/15/00 were 24,413,000.
    This
    is significant for the continuing business.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • If the number of shares has been reduced by 10% or so, does that mean that the payout from the Chemdal sale will be 10% higher than the $14.00 to $14.50 previously stated?

      • 2 Replies to nematode_speculator
      • eom

      • I view the lower shares outstanding to be mostly
        beneficial for future earnings reports.
        I do not see how
        the lower shares outstanding results in much more
        money available for distribution to continuing
        shareholders. I assume the $14+ that would have gone to the
        outstanding share will remit $13+ to the company's till to
        pay for the share purchased. This leaves a fraction
        of a dollar available to benefit continuing owners.
        I doubt this will add anything significant to the
        liquidation dividend. If the money is borrowed, the interest
        could eat this up.
        To the extent that selling
        shareholders are willing to take significantly less than the
        expected dividend, and you have confidence that the
        transaction will close as anticipated, it is an innovative
        way to lower the outstanding shares to the continuing
        shareholder's benefit. Amcol's management has described their
        share buy-back program as "opportunistic". This fits
        within that designation.

    • Realist maybe, but certainly not jaundiced. Check
      your shareholder letter dated April 5, 2000. Honest
      mistake on your part as they published the wrong number
      but this really gets to the heart of my
      perception.

      I remain skeptical - but please, not jaundiced

    • Despite taking 2.5 million shares out the stock is not going anywhere?

      • 1 Reply to acowoman
      • From what can be interpreted only from the market
        price of the stock, it appears to be the wall street
        perception that the future after the partial liquidation is
        a group of businesses that management has not run
        well consistently over an extended time frame. But,
        therein lies the opportunity for investment profit. It
        will be The challange of the management of the
        remaining business to change this perception. To the extent
        that they are able to run these businesses well on a
        consistent and sustained basis over time, they will slowly
        change the current perception on wall street and improve
        the value to shareholders significantly. Initial
        signs seem to indicate that they are trying hard. The
        write offs and the share buy backs appear to be efforts
        to get the post liquidation company ready to
        perform.

 

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