Just one more thing. If management really wanted this IPO to be a success I've got a idea for them.
They've got about 61 million shares in total. So instead of handing out free shares for the A-list group have them pay for them but only 9 cents a share.
The company should pay 9 cents a share as well (instead of 10c). And the existing shareholders, and any new shareholders also pay 9 cents a share.
So, 61 million shares x 9 cents = $5.49 million.
I believe they'd get the IPO away successfully because...
a. Management show of true confidence in venture.
b. Shares priced reasonably and closer to asset backing.
c. Eliminates criticism of management greed and unfairness.
fairness to shareholders, page-40
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