May 17 SPNT ShopNet.com Inc. Announces Comprehensive Net Income of $0.14 Per Share In Its First Quarter vs. $(0.02) in 1999 -
Shopnet.com, Inc. Announces Dividend
NEW YORK, Jan. 26 /PRNewswire/ -- Shopnet.com, Inc. (the "Company") today announced that its Board of Directors has approved the issuance of a 10% Common Stock dividend whereby for each ten shares of Common Stock owned by shareholders of record on January 20, 2000, the Company shall issue one share of Common Stock. Owners of five or more shares but less than ten shares shall be issued the dividend as will those who own five or more shares in excess of the ten-share "block" which generates the dividend. Shareholders owning (i) fewer than five shares or (ii) four or fewer shares in excess of the ten share "block" will not receive the dividend on such shares. The dividend is payable on February 1, 2000.
The exercise terms of the Company's outstanding warrants have been adjusted to reflect the dividend. The outstanding warrants, which formerly entitled the holder to purchase two shares of Common Stock upon exercise of three warrants at an exercise price of $9.00, now entitle the holder to purchase two shares of Common Stock upon exercise of three warrants at an exercise price of $8.10. Therefore, exercise of an aggregate of three warrants at an exercise price of $8.10 is required to purchase two shares of Common Stock. No single shares will be issuable.
The Company is a holding company, which trades on the Nasdaq SmallCap Market and the Third Market Segment of the Frankfurt Stock Exchange. It has two wholly-owned subsidiaries: Hollywood Productions, Inc., a producer of motion pictures, and Breaking Waves, Inc, a manufacturer of swimwear -- each of which operates several websites in connection with its respective business. The Company is also an affiliate of Play Co. Toys & Entertainment Corp., a brick and mortar and e-commerce toy retailer, by virtue of Breaking Waves, Inc.'s ownership of 22.9% of the Common Stock of same.
Market Capitalization $26.6M
Shares Outstanding 5.91M
Float 4.18M
