Fangen wir mal eben von vorne an: Es sollen 10.005 billion shares eingespült werden. Das entspricht dann 10 Milliarden Aktien, und nicht 10 Billionen. Das sind dann schonmal 9,99 Billionen Aktien weniger! Unten habe ich etwas angefügt, in dem die Rede von 1.9 bilion shares ist. Die sind aber am freitag im Markt geflossen oder? Dadurch, dass die Prefereds zu Commons konvertiert wurden!? YRC planning reverse split in November or December --Aim of reverse split will be to boost share price above $1 --Special meeting increased existing share count to about 1.9 billion (Updates with CFO interview and additional detail throughout.) Shares of YRC Worldwide Inc. YRCW +3.51% plummeted Friday after shareholders at a special meeting approved a measure substantially increasing the number of common shares available for trading as part of the struggling trucking company's financial restructuring. Meanwhile, interim Chief Financial Officer Jamie Pierson said in an interview that YRC likely will enact a reverse stock split in late November or early December to reduce the share count, albeit not the dilution to existing common shareholders that stemmed from Friday's action. The precise formula for the reverse split hasn't been determined, Pierson said, but it will be designed to increase the share price above $1. The stock was trading recently around 12 cents a share, off 61% from Thursday's close at 31 cents. Earlier Friday, the shares fell to 7 cents. YRC, based in Overland Park, Kan., previously had warned that its restructuring, which included the issuance of preferred shares expected to be converted into common shares relatively quickly, would dilute existing common shareholders almost entirely, leaving them with 2.5% of the company. Still, YRC stock hadn't completely reflected the dilution since the company announced July 22 that its lenders had approved its restructuring. The shares closed at $1.03 that day and hovered around $1 for most of the next week. The outcome of Friday's special meeting boosted the number of outstanding YRC shares to about 1.9 billion, from about 48 million, because of preferred shares converted into common shares. Additional preferred shares available to be converted to common shares after two years could increase the figure to about 6 billion, not counting the impact of the planned reverse stock split. Pierson stressed Friday that the action regarding YRC's share count and price has no bearing on its operational performance. He declined to discuss YRC's business outlook, however, citing the pending end of the third quarter and proximity to its upcoming quarterly financial report. "The stock price is not a barometer of how [YRC is] performing," he said. "From a service standpoint, it absolutely does not affect anything." YRC, straining under a heavy debt load, had described bankruptcy as likely its only option without the financial restructuring. If the company enacts a reverse stock split this November or December, it will mark its second such action in barely more than a year. Last October, YRC executed a 1-to-25 reverse stock split to boost its shares above $1 and avoid Nasdaq delisting. |
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