Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2006capital raising announcement● Neutral
A second private placement: 600,000 shares at $0.50 each ($300,000 total) sold to three accredited investors on April 15, 24 and 26, 2006, continuing the April raise. This adds further dilution. The filing gives no use for the money.
What it means for a shareholder
600,000 new shares at $0.500 to raise about $300,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Now named John D. Oil and Gas Company, it sold 1.1 million shares at $0.50 each ($550,000 total) in a private placement to four accredited investors on April 6, 14, 17 and 18, 2006. Existing shareholders are diluted by the new shares. The filing does not say what the money is for.
What it means for a shareholder
1.1m new shares at $0.500 to raise about $550,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
The sale to U-Store-It closed on April 5, 2005 for $33.7 million cash, with about $2.6 million allocated to the company. This completes the sale announced in September 2004. A $0.20 per share special dividend is payable to holders of record April 13, 2005, expected around April 22. The company keeps its Painesville and Gahanna, Ohio facilities and has not decided future plans, though it may pursue a business combination with a private company.
The definitive proxy statement sets the stockholder vote on the U-Store-It asset sale for March 21, 2005, with a record date of February 4, 2005. Terms are unchanged from the preliminary version: $33.7 million price, $0.20 per share special dividend, two-thirds approval needed, and the board unanimously recommends a vote for.
Preliminary proxy statement asking stockholders to approve the sale of substantially all assets to U-Store-It, L.P. (formerly Acquiport/Amsdell), the buyer from the September 2004 contract. The price is now $33.7 million, with about $24.6 million going to debts and liabilities and about $0.4 million to expenses. The company expects about $2.6 million allocated to it and a $0.20 per share special dividend (about $600,000) to stockholders. Approval needs two-thirds of outstanding shares, and Osborne (9.6% holder) has agreed to vote for it. Meeting date was still blank. Completion was expected by the end of Q1 2005.
On September 7, 2004 Liberty Self-Stor agreed to sell all its self-storage facilities except those in Painesville and Gahanna, Ohio to Acquiport/Amsdell I Limited Partnership for $34.0 million cash. Management estimated about $2.0 million would be allocated to the company, which holds a 29.9% stake in the operating partnership, after debts and costs. The sale needs board and stockholder approval, and the company said it may afterwards pursue a business combination with a private company, which would likely dilute stockholders. Chairman/CEO Richard Osborne's own company is selling its assets to the same buyer in the same deal.
The company (then named Liberty Self-Stor, Inc., a self-storage business in Mentor, Ohio) dropped Arthur Andersen as its auditor on August 5, 2002 and hired Grant Thornton LLP. The filing states Andersen's reports for 2000 and 2001 were clean and there were no disagreements with it.
