RE: This could be moving day ....eomIf there's anyone else other then me interested in this pos, then
this post on the yahoo board caught my eye.
n 2000 the company raised 177.8 mil plus 56 mil for a total of $233.7 million
dollars
thats from their own 10K form selling stock at $21.00, now the company is
buying them back at $1.00 and under, and this board is calling that DUMB!!
Sell A comodity at $21.00 then buy the SAME comodity less than 2 years later
at 1/21 st and LESS of what they sold it for!!
If I could do this I'd be real smart, not to mention RICH?? Well this company
got in just before the market for IPO's deteriorated and now is buying their
own stock with investor money -- sounds smart to me --
The one's who got killed are the IPO buyers!!
Here is a copy of their 10K report for your review:
Liquidity and Capital Resources
In March 2000, Onvia completed its initial public offering and issued 9,200,000
shares of its common stock to the public at a price of $21.00 per share, raising
net proceeds of $177.8 million. Also, in March 2000, Onvia sold 2,666,666
shares of its common stock at the initial public offering price of $21.00 per
share in a private placement transaction to Internet Capital Group, which
generated net proceeds of $56.0 million.
Onvia's combined cash, cash equivalents and short-term investments were
$102.6 million at June 30, 2001. Short-term investments, if any, are invested in
money market funds, commercial paper and corporate debt securities with
maturities of one year or less. The portfolio is diversified among security types
and issuers and does not include any derivative products. As part of its
portfolio on March 31, 2001, Onvia held $10,000,000 of commercial paper
issued by Pacific Gas and Electric ("PG&E") and had recorded an unrealized
loss on this investment in the amount of
$2.1 million in the equity section of its balance sheet. On April 30, 2001, Onvia
sold its investment in PG&E at its $10 million face value. At June 30, 2001,
Onvia's working capital was $91.7 million.
n April 2001, Glenn S. Ballman resigned as Onvia's Chairman and Chief
Executive Officer. Mr. Ballman's separation agreement includes eighteen
months of salary and benefits of approximately $350,000. Onvia also has a
repurchase right for up to 6,000,000 shares of Mr. Ballman's stock at fair
market value. In June 2001, Onvia was notified by Mr. Ballman of his intent to
sell 879,717 shares back to the Company at its fair market value of
approximately $906,000. These shares will be repurchased in the third quarter
of 2001. 80% of the proceeds from any share repurchase will be used to repay
all notes outstanding between Mr. Ballman and Onvia, which total
approximately $385,000 at June 30, 2001, and satisfy the loans Onvia has
guaranteed on Mr. Ballman's behalf. Upon repayment of Mr. Ballman's loans,
the $4.0 million security deposit recorded in other assets will be returned to
Onvia. Onvia's guarantee and loans outstanding to Mr. Ballman are
collateralized by 6,000,000 shares of his common stock. Michael D. Pickett,
Onvia's President, Chief Operating Officer and former Chairman, has assumed
the responsibilities of Chairman and Chief Executive Officer in addition to his
previous duties as President of Onvia.
On March 7, 2001, Onvia's Board of Directors approved a plan to repurchase
up to $10,000,000 of Onvia's common stock over the next year. Under this
plan, Onvia repurchased 5,693,182 and 6,917,682 shares of its common stock
for approximately $5.5 million and $6.8 million, respectively, in the three and
six months ended June 30, 2001.
In addition, in May 2001, Onvia repurchased $650,000 of common stock held
by its Chief Strategy Officer pursuant to the terms of a retention bonus
agreement dated March 30, 2001. In addition, Onvia repurchased an
incremental $250,000 worth of common stock from this Officer at Onvia's
discretion. A total of 927,835 shares were repurchased at the fair market value
of the common stock on the transaction date.
Effective July 10, 2001, Onvia and Visa USA Inc. mutually agreed to terminate
their custom co-branded site agreement as of June 30, 2001. As of June 30,
2001, Onvia had $1.8 million in deferred revenue on its balance sheet related to
this agreement and during the second quarter of 2001, had recognized
approximately $722,000 in revenue. Onvia will recognize the remaining $1.8
million in deferred revenue as revenue in the quarter ended September 30,
2001.
Posted as a reply to: Msg 5661 by xmariom