At this point they will have to start thinking about the above and how much of a split they want. That assumes they wish to keep their listing. If they do, with the massive decline in the common the last month it wouldnt surprise me if it is at least 1/20. Those of us who have seen the RSS in action before know this would not bode well for the common or what would be left of it at that point.
So Michael has now bailed as well. For us former Coolbrands shareholders that really is the closing of that particular book. Without him none of what we have now could have been possible. With 20/20 hindsight maybe he should have passed when Steve Berrard sold him on Swisher as a place to take what was left of Coolbrands in 2010. At one point Michael and the Serruya family had over 60 million in Swisher stock and now it is or was worth around 3 million. The irony is that his newest gig is pretty much what we all felt he would eventually do with Coolbrands. Taking Coolbrands into sanitation and trash was never ever where we thought he would go. I really do wonder what he thought he was getting into with Swisher back in 2010 unless the name Huizenga was as magical to him as it was to the Coolbrands shareholders.
Actually there were 2 separate Fidelity transactions. Both in the winter-spring of 2011. The first was for $5.00/share when the common was $6.25 and the second was in the mid sevens. Both were at a 20% discount and the funds went right to Swisher since these were private deals. Fidelity paid well over 100 million for what at one point was 23 million shares. Unless you think Swisher snookered Fidelity there must have been a reason why Fidelity went in so deep. Unlike the small fry Fidelity has boatloads of folks who check and double check so at least back in 2011 they saw Swisher as a keeper. Goes to show that even those with the wherewithal to see through the smoke and mirrors can get it wrong.
Quite correct that this has nothing to do with our Swisher. I just found the article interesting if you know the history behind Pat Swisher and the company he sold to WH and SB. It would be irony beyond words if this time next year Pat Swisher is back in business and doing well while Waynes baby has gone over the cliff.
BTW-The issue of franchises vs company owned was always an issue with the pre Wayne owned Swisher and even more when Wayne bought the company in 2004. By 2010 when the deal with Coolbrands was done Wayne and Steve had decided the franchise model needed to go and they wanted to build a new Swisher where they controlled everything. They still own 50 million shares of common here and I wouldnt mind being a fly on the wall if they are pondering how it all went downhill.
I am reading a rather lengthy article over the news wire on of all people Pat Swisher and his new gig Enviro Master. Yup that Pat Swisher. The one who sold out back in 2004 to Wayne and Steve. I can only wonder what he must think of all of this after almost a decade. Is that a wry smile on his face or a smirk?
They continue to burn through the cash. Down another 11 million this quarter. I guess you could say it was pretty much what was talked up on this board. They just can't find a way to make money and that cash burn rate will take them to the spring and then what?
Meanwhile a reverse stock split is available to them to avoid delisting in January if they chose to go that route. It sure doesnt seem likely they can regain compliance without one.
According to the filing with the SEC the deal requires the tender of at least 50% of the fully diluted shares issued and outstanding. Do they have 50%?
Not just them. Institutions and funds own 75% of the outstanding shares. You think they will tender at $2.45? Lets wait and see what they have to say. $2.45 was the first public offer. That doesn't mean it's the last.
They have until January 17th and it has to be $1.00 bid or higher for 10 consecutive trading days to regain compliance. A rss would be one way to do that.
There are tax forms available. Go to investors and then shareholder info. However the ones I see there are the ones we needed last year to file on the conversion from Sara Lee. I didnt see anything pertaining to the sale this time around.
Honestly I know this isnt a big deal but it would be nice for a change if they didnt always have a NASDAQ, SEC or DOJ spotlight on their heads. Any bets yet on what the September qt will look like? Things like cash flow and the loss/profit picture?
Swisher has received notification of yet another NASDAQ listing violation. These guys really have difficulty staying out of their own way although thsi one at least they can cure easily.
On September 20, 2013, the Company received a notification from The NASDAQ Stock Market LLC ("NASDAQ") that, as a result of
Mr. Pierce's resignation from the Audit Committee, the Company was no longer in compliance with NASDAQ's audit committee requirements
as set forth in NASDAQ Listing Rule 5605, which requires the Audit Committee be composed of at least three members. In accordance with
NASDAQ Listing Rule 5605(c)(4), the Company has until the earlier of the Company's next annual shareholders' meeting or September 10,
2014 to regain compliance with the Audit Committee membership requirement, however, if the next annual shareholders' meeting is held
before March 10, 2014, then the Company must evidence compliance no later than March 10, 2014. The Company expects to appoint an
additional independent director to serve on the Audit Committee during the cure period.
We may have lucked out to a degree with the Euro at its highest level since early March. Right now our price would be around $16.91
Easy mistake to make Ed but the common is no where near the all time low. At least for the time being. Remember Coolbrands? I sure do. I was a shareholder. When the deal with Swisher closed Coolbrands had 63 million shares issued and outstanding to which they added another 58 million that was given to the Swisher owners.Those Coolbrands shares if they are still in the hands of those Coobrands shareholders have a totally different history and cost basis and for that matter chart. I should know since I owned a boatload of those pre merger shares. If you dont believe this punch in Swishers symbol on the Toronto Stock Exchange. You will get the true history. I own still plenty of those old shares all the way down to 30-40cents and that not what Swisher has traded at since the deal closed is my cost basis. BTW-The real alltime low is 26 cents.