IPO, page-8

Hi Al

That's what makes a market

The company issued more shares under the offer, so more shares have to share in future profits

Saleco / the owners also sold shares, but they still have some because they just created more

they then bought back a franchise with the cash and agreed to issue more shares in the future

in return for the cash, it gave electronic share certificates

It paid off its debts,,

Mcgrath made a lot of cash, and so did a number of insiders

prior to the ipo it ripped out a monster dividend when profit declined

All of this ipo has been great for the owners in terms of getting cash

Brokers made a killing to getting 10million I think,,,,,, its champers all round tonight down at the wharf tonight I suppose