RE:fancamp selling There may have been a detail in the actual contract (something that took into account dilution on UBR's part) that would nix this condition but it appears that HPQ (UBR) would have not been required to have a director come from FNC after Feb. 2015. This is when UBR's outstanding shares exceeded 80M (FNC's 8M was then below 10%).
If there was a condition like that, I would think that FNC's selling should stop soon-ish - if Pete wants to preserve his directors position. I am going to be pessimistic (conservative) with this calcualtion as there was ~10M shares issued between when the deal was made and when FNC actually received the shares.
At the time the deal was made, UBR had ~58M shares outstanding. Ignoring the ~10M shares that was later added but adding in the 8M FNC shares, that would bring the total to 66M shares and give FNC 12% of the float at the time. FNC should be able to sell 2% of the float or ~1.4M shares. Now that HPQ has ~150M shares outstanding, and maintaining the same proportion, FNC should be able to sell ~3.2M shares without dropping below this hypothetical threshold.
wallyworld705 wrote: They are also allowed to appoint a director if they hold 10 % of the common shares.At 5.8 million now it looks like they lost their right to a director.