By: polipolio on Venerdì 12 Aprile 2002 10:43
update su Gemstar
apparentemente il CEO crede nel titolo.
Aveva stock options non esercitate e ha rifinanziato la posizione
Gemstar-TV Guide Chairman Gets $59.8 Million From Fwd-Purchase Pacts
WASHINGTON -(Dow Jones)- Gemstar-TV Guide International Inc. (GMST) Chairman and Chief Executive Henry Yuen received $59.8 million cash from prepaid forward-purchase contracts he entered into for seven million Gemstar shares, according to a regulatory filing Thursday.
Gemstar said last week that Yuen pledged the seven million Gemstar shares as collateral for a debt he incurred when he borrowed money last year to exercise company stock options. He never sold the stock after exercising the options, and the company's share price has since fallen below the exercise price of the options.
Yuen entered into the forward-purchase contracts with Merrill Lynch Pierce Fenner & Smith Inc., according to a filing with the Securities and Exchange Commission.
The contracts allow Yuen to benefit from an increase in the stock price through a reduction in the number of shares required for delivery at settlement, which could occur in less than two years, the filing said.
Under the contracts, the seven million shares were priced between $7.90 and $ 9.69 a share, the filing said.
Yuen will continue to own and have the right to acquire about 31.8 million Gemstar common shares after these transactions.
Shares of Gemstar, a technology and media company focused on consumer entertainment, Thursday traded around $10.19, up 10 cents.