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January 8, 2010
Mr. Karl Hiller
Branch Chief
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549-3628
Re: | Gran Tierra Energy Inc. |
Form 10-K for the Fiscal Year Ended December 31, 2008
Filed February 27, 2009
File No. 001-34018
Dear Mr. Hiller:
On behalf of Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) we are responding to the comments received from the staff (the “Staff”) of the Securities and Exchange Commission (the “Commission”) by letter dated December 9, 2009, with respect to Gran Tierra’s Form 10-K listed above (the “Comment”). The Comment has been replicated in italics below for the Staff’s convenience.
Form 10-K for the Fiscal Year Ended December 31, 2008
Financial Statements
Note 6 – Share Capital, page 98
1. We have read your response to prior comment 1 indicating you continue to believe that the contractual liability for liquidation damages is a more reliable measure of fair value of the modifications than would result using the Black Scholes model.
If you firmly believe that your negotiations properly considered the fair value of the modifications and that this fair value was also reflected in the outcome, we expect that the 25% volatility factor implicit in the terms of your settlement would need to have been taken into account in estimating the expected volatility used in your calculations of grant date fair value of stock options issued after you made the warrant modifications to comply with the guidance in paragraphs 16 and A34 of SFAS 123(R), and SAB Topic 14D.1.
Please explain how your computation and use of the 100% volatility factor in these other measurements after the settlement of the liability for liquidated damages properly reflects the implicit volatility, if this is your view. Please clarify the extent to which this measure of volatility reflects meaningful differences between the option and warrants.
1
Gran Tierra’s Response:
In order to clarify our responses to the previous response letters, the implied volatility discussion was included to convey our thought process in assessing the appropriate accounting to record the June 2007 warrant modification ( the “warrant modification”). Ultimately, the Company concluded that the accounting should be based on the accrued liquidated damages amount and the implied 25% volatility factor had no effect on the accounting; as such, it should not be considered prospectively.
Additionally, Gran Tierra believes that there are meaningful differences between its options and warrants which support utilizing a different measure of volatility. Gran Tierra relied, and continues to rely, on historical volatility for determining expected volatility when calculating the fair value of stock options’ issued after the warrant modification was made. The first options’ grant after the warrant modification occurred in November 2007. In determining whether historical volatility versus an implied volatility or combination of both should be used, the Company considered the following guidance under SAB Topic 14D.1:
a) | Volume of Market Activity |
The Company does not have any traded options or warrants. The Company’s only transaction for which an implied volatility calculation could be attempted was the June 2007 warrant modification of the terms of 50 million warrants to purchase 25 million shares associated with the shares issued through the 2006 Offerings, as described in our letter to the SEC dated November 13, 2009. To date, the largest single grant of options by the Company was 5.3 million options.
We believe that the volatility implied by the warrant modification without consideration of other potential stated or unstated rights would not necessarily represent a marketplace participant’s expectation (as required by footnote 6 to paragraph 7 of FAS 123(R)) regarding volatility as it was not a transaction in an active market and was carried out with a non-arms length group of shareholders. At the time of the warrant modification, the Company believed that the warrant holders negotiated to receive the equivalent of the $8.6 million of fair value. However, due to the warrant holders’ significant relationship with the Company as shareholders, it is difficult to assess all of the factors the warrant holders may have considered during the negotiations. Please refer to the relevant discussion below in our response to the second comment.
b) | Synchronization of the Variables |
As indicated above, the date of the warrant modification was June 2007 and the first grant of stock options subsequent to this date was in November 2007. We recognize that this time period is not significant enough to preclude consideration of the volatility used for the warrant modification. However, the timing differences become more significant for later grants since the Company continues to grant options to its employees and directors from time to time.
2
c) | Similarity in Exercise Prices |
The modified exercise price for the warrants was not determined using a fair market value determination that the Company uses for stock options granted under its Equity Incentive Plan. Stock options granted after the warrant modification are “at-the-money” since the exercise price is determined on the grant date using the closing price on the stock exchange of the Company’s stock on that grant date. The warrants were repriced to $1.05 from the original $1.75 exercise price as a result of their modification when the “at-the-money” price would have been $1.37 on the date of the warrant modification.
d) | Similarity in Length of Terms |
The expected life used for determining the fair value of stock options granted after the warrant modification is three years. The contractual life of the warrants, as a result of the modification was five years. The Company understands that the SEC’s staff’s position is that the implied volatility derived from a traded option with a term of one year or greater would typically not be significantly different from the implied volatility that would be derived from a traded option with a significantly longer term.
After considering the above guidance to determine whether implied volatility should be used to estimate expected volatility for other equity instruments issued by Gran Tierra after the warrant modification, the Company concluded, and continues to conclude, that the implied volatility data that could be inferred from the warrant modification is unlikely to reliably reflect the market’s expectation of future volatility for the Company’s options and therefore should not be included in the determination of expected volatility when valuing the Company’s stock options. The Company believes its position is supported mainly by the absence of active trading in the Company’s options or warrants, limited implied volatility data, differences in the volumes and exercise prices of the discussed equity instruments and the non-arms length nature of the investors (“2006 Investors”) involved in the warrant modification.
Therefore, the Company believes that exclusive reliance should be placed on the use of historical volatility to determine expected volatility for the following reasons:
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a) | Gran Tierra expected that future volatility over the expected life of the options issued subsequent to the warrant modification would be similar to that of its historical volatility at that time as the Company had no reason to believe that its future volatility over the options’ expected life was likely to differ from its past. At the time of the warrants modification, we did not identify any significant factors that would cause us to believe that future expectations of volatility would be significantly different from the past. |
b) | The computation of historical volatility uses a simple average calculation method based on the annualized standard deviation between the prices based on the expected life of the option. |
c) | The period of sequential historical data used to value the options granted in November 2007 was shorter than the three year expected life of the options issued subsequent to the warrant modification as there were only two years of data since trading began in November 2005. Discussion of limitations on availability of historical data in SAB Topic 14.D indicates that for public companies, if the length of time the entity’s shares have been publicly traded is shorter than the expected or contractual term of the option, the term structure of volatility for the longest period for which trading activity is available generally should be used as long as this period is not less than two years. |
The Company has no reason not to believe, as stated in a) above, that the future volatility over the expected life of the options issued subsequent to the warrant modification would not be similar to that of its historical volatility at that time and the period of observations is reasonably long with no better information on volatility available.
d) | The Company uses daily price observations over the historical two year period (or a longer period as more information becomes available) prior to granting options subsequent to the warrant modification. |
By weighting the above factors, the Company believes that exclusive reliance should be placed on historical volatility data to determine expected volatility for its stock option grants subsequent to the warrant modification.
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2. We understand from your response to prior comment 1 that if you were to calculate the value of the warrant modifications using the Black Scholes model, you would record the excess of the liability over this value as capital contribution, placing reliance on the guidance in footnote 1 of APB 26.
However, referring to the investors on page 5 of your response letter, you state “… it was clear that they believed that they were receiving equivalent fair value of $8.6 million as a result of the modifications to these warrants.” Please explain why you do not believe the intent of the investors would preclude the accounting you suggest. Please also submit a schedule listing the investors, their respective share holdings, percentage of such shares to total outstanding shares at the time, the portion of the liability associated with each, and identifying those who approved the settlement.
Gran Tierra’s Response:
Since the investors were contractually entitled to receive $8.6 million in liquidated damages, the Company assumed that the investors believed that they were receiving equivalent value as a result of the warrant modification or else they would not have approved the amendment to the Registration Rights Agreements. Gran Tierra is unable to assess the intentions of the 2006 Investors surrounding their acceptance of the fair value provided in the warrant modification and whether they were actually, in their view, receiving or giving up some other benefit in their capacity as shareholders. If the Company received consideration in excess of the fair value, based on using the Black Scholes model with an historical volatility attributed to the warrant modification, this may indicate the warrant holders may have considered other factors important to them in their capacity as principal shareholders. As stated in our letter to the SEC dated November 13, 2009, we believed that the warrant holders negotiated to receive fair value equivalent to the liquidated damages. However, the warrant holders may have agreed to a lesser fair value based on their desire as shareholders to allow the Company to complete its planned capital expenditure program that would otherwise have been postponed or cancelled if a cash settlement was made for the liquidated damages rather than accepting the warrant modification. The Company has considered whether this excess over the fair value attributed to the warrant modification should be considered as a reduction to the originally recorded liquidated damages, but believes that because of the Company’s relationship with this principal shareholder group as a related party (since the Registration Rights Agreements provided that decisions would be made by a majority of the then outstanding registrable shares), the substance of the transaction was the Company received the excess as a contribution of capital.
5
Consistent with this, the Company believes that because this transaction was carried out with a related party group, it is not appropriate that a gain be recorded. Accordingly, the resulting difference between the fair value of the warrant modification using an expected volatility based on the Company’s historical volatility and the liability for liquidated damages settled should be recorded to shareholders’ equity as part of “Warrants”. The accounting for such a capital contribution would be consistent with the accounting treatment currently adopted by the Company for this transaction.
Please see Exhibit A for the requested information related to the listing of the 2006 Investors, their respective shareholdings, percentage of such shares to total outstanding shares at the time, the portion of the liability associated with each, and identifying those who approved the amendment to the Registration Rights Agreements.
In conclusion, Gran Tierra believes that the accounting for the transaction should remain unchanged, however, upon further reflection our disclosure of the transaction and the accounting for the transaction should be clarified in future filings.
* * * *
In addition, Gran Tierra Energy Inc. acknowledges:
· | Gran Tierra is responsible for the adequacy and accuracy of the disclosure in the filing; |
· | Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and |
· | Gran Tierra may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. |
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Please do not hesitate to call me at (403) 265-3221, ext. 230, if you have any questions or would like any additional information regarding this matter.
Sincerely,
Gran Tierra Energy Inc.
By: | /s/ Martin Eden |
Martin Eden |
Chief Financial Officer |
cc: | Dana Coffield – Chief Executive Officer and President |
Nancy H. Wojtas, Esq. |
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Exhibit A Gran Tierra Energy Inc. | |||||
2006 Offering Participants | |||||
Name of Investor | # of Shares | # of Warrants | % of Stock Ownership per Reg Rights Agreement | Consent Received (x) | Allocation of Liquidated Damages |
Bristol Investment Fund, Ltd. | 333,333 | 166,667 | 0.35% | 51,666.77 | |
Capital Ventures International | 1,000,000 | 500,000 | 1.06% | 155,000.00 | |
Castlerigg Master Investments Ltd. | 1,333,334 | 666,667 | 1.41% | 206,666.77 | |
CD Investment Partners, Ltd. | 666,667 | 333,334 | 0.71% | x | 103,333.54 |
City and Claremont Capital Assets Ltd | 166,666 | 83,333 | 0.18% | x | 25,833.23 |
Cranshire Capital, LP | 166,666 | 83,333 | 0.18% | 25,833.23 | |
Crescent International Ltd. | 300,000 | 150,000 | 0.32% | x | 46,500.00 |
DKR Sandshore Oasis Holding Fund Ltd. | 333,333 | 166,667 | 0.35% | 51,666.77 | |
Enable Growth Partners LP | 750,000 | 375,000 | 0.79% | 116,250.00 | |
Enable Opportunity Partners II, LP | 150,000 | 75,000 | 0.16% | 23,250.00 | |
Greywolf Capital Partners II, LP | 1,866,667 | 933,334 | 1.98% | x | 289,333.54 |
Greywolf Capital Overseas Fund LP | 4,800,000 | 2,400,000 | 5.08% | x | 744,000.00 |
Harborview Master Fund LP | 100,000 | 50,000 | 0.11% | 15,500.00 | |
Hudson Bay Fund, LP | 99,666 | 49,833 | 0.11% | 15,448.23 | |
Hudson Bay Overseas Fund, Ltd | 33,334 | 16,667 | 0.04% | 5,166.77 | |
Investcorp Interlachen Multi-Strategy Master Fund Ltd | 2,000,000 | 1,000,000 | 2.12% | x | 310,000.00 |
Iroquois Master Fund Ltd. | 166,666 | 83,333 | 0.18% | 25,833.23 | |
Lakeview Fund, L.P. | 533,332 | 266,666 | 0.56% | 82,666.46 | |
Millenium Global High Yield Fund Ltd. | 2,668,000 | 1,334,000 | 2.82% | x | 413,540.00 |
Millenium Global Natural Resources Fund Ltd | 667,000 | 333,500 | 0.71% | x | 103,385.00 |
MP Pensjon | 166,666 | 83,333 | 0.18% | 25,833.23 | |
Nite Capital LP | 866,666 | 433,333 | 0.92% | 134,333.23 | |
Penn Capital Management Capital Structure Opportunities Fund, LP | 66,666 | 33,333 | 0.07% | x | 10,333.23 |
Pierce Diversified Strategy Master Fund LLC | 100,000 | 50,000 | 0.11% | 15,500.00 | |
RAB American Opportunities Fund, Ltd. | 233,334 | 116,667 | 0.25% | 36,166.77 | |
Second City Capital Partners I, LP | 700,000 | 350,000 | 0.74% | 108,500.00 | |
US Global Investors Balanced Natural Resources Fund | 233,332 | 116,666 | 0.25% | x | 36,166.46 |
US Global Investors - Global Resources Fund | 3,100,000 | 1,550,000 | 3.28% | x | 480,500.00 |
Whalehaven Capital Fund Ltd. | 666,666 | 333,333 | 0.71% | x | 103,333.23 |
ZLP Master Opportunity Fund, Ltd. | 1,500,000 | 750,000 | 1.59% | 232,500.00 | |
1053361 Alberta Ltd | 100,000 | 50,000 | 0.11% | 15,500.00 | |
Alan Rubin | 66,666 | 33,333 | 0.07% | x | 10,333.23 |
Alec P. Morrison & Sandra Morrison JT TEN | 100,000 | 50,000 | 0.11% | 15,500.00 | |
Alfonso Kimche | 16,667 | 8,334 | 0.02% | x | 2,583.54 |
Alvin L. Gray | 100,000 | 50,000 | 0.11% | 15,500.00 | |
Anne Lindsay Cohn Holstead | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Anthony Jacobs | 200,000 | 100,000 | 0.21% | x | 31,000.00 |
Arnold Schumsky | 33,333 | 16,667 | 0.04% | x | 5,166.77 |
Arthur Sinensky | 66,666 | 33,333 | 0.07% | x | 10,333.23 |
Atlantis Company Profit Sharing Plan, Elisa Medhus TTEE UAD | 60,000 | 30,000 | 0.06% | x | 9,300.00 |
Ben T. Morris | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
Benedek Investment Group, LLC | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
Bill Birdwell & Willie C. Birdwell JTWROS | 25,000 | 12,500 | 0.03% | x | 3,875.00 |
Bill Haak & Johnnie S. Haak JTWROS | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Blake Selig | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Bobby Smith Cohn | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Brad D. Sanders | 25,000 | 12,500 | 0.03% | x | 3,875.00 |
Bret Sanders | 25,000 | 12,500 | 0.03% | 3,875.00 | |
Brian Kuhn | 170,000 | 85,000 | 0.18% | x | 26,350.00 |
Brian Payne & Heather Payne T/I/C | 15,000 | 7,500 | 0.02% | 2,325.00 | |
Bruce McMaken | 17,000 | 8,500 | 0.02% | x | 2,635.00 |
Brunella Jacs LLC | 66,666 | 33,333 | 0.07% | x | 10,333.23 |
Carl Pipes | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Carmen Neufeld | 99,992 | 49,996 | 0.11% | x | 15,498.76 |
Carol C. Barbour Profit Sharing Plan/Pershing LLC - Cust Profit Sharing Plan FBO: Carol C. Barbour | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Carol Edelson | 16,666 | 8,333 | 0.02% | 2,583.23 | |
Carol Tambor | 33,333 | 16,667 | 0.04% | x | 5,166.77 |
Carter Pope | 133,333 | 66,667 | 0.14% | 20,666.77 | |
Caryl R. Reese & Albert L. Reese JTWROS | 30,000 | 15,000 | 0.03% | 4,650.00 | |
Cathy Selig | 33,334 | 16,667 | 0.04% | 5,166.77 | |
Chad Oakes | 179,990 | 89,995 | 0.19% | x | 27,898.45 |
Chester Family 1997 Trust UAD 12/9/97 | 33,333 | 16,667 | 0.04% | x | 5,166.77 |
Christian Thomas Swinbank UAD 3/14/06, Christian Thomas Swissbank, TTEE | 33,334 | 16,667 | 0.04% | x | 5,166.77 |
Christine M. Sanders | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Chuck Ramsay | 33,333 | 16,667 | 0.04% | x | 5,166.77 |
Clarence Tomanik | 99,992 | 49,996 | 0.11% | 15,498.76 | |
Constance O. Welsch/Simple IRA - Pershing LLC Cudstodian | 10,000 | 5,000 | 0.01% | 1,550.00 | |
Courtney Cohn Hopson Separate Account | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Dale Tremblay | 66,666 | 33,333 | 0.07% | x | 10,333.23 |
Dan L. Duncan | 250,000 | 125,000 | 0.26% | x | 38,750.00 |
Dana Coffield | 66,667 | 33,334 | 0.07% | x | 10,333.54 |
Daniel Corbin | 55,000 | 27,500 | 0.06% | x | 8,525.00 |
Datavision Computer Video, Inc. | 33,334 | 16,667 | 0.04% | 5,166.77 | |
David Shadid | 33,334 | 16,667 | 0.04% | 5,166.77 | |
David Breen | 15,000 | 7,500 | 0.02% | x | 2,325.00 |
David M. Robichaux PSP - Pershing LLC as Custodian | 16,667 | 8,334 | 0.02% | x | 2,583.54 |
David Shapiro | 30,000 | 15,000 | 0.03% | 4,650.00 | |
David T. Jensen | 33,333 | 16,667 | 0.04% | 5,166.77 | |
David Towery | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
David Westlund | 60,000 | 30,000 | 0.06% | x | 9,300.00 |
Don A. Sanders Restricted | 200,000 | 100,000 | 0.21% | x | 31,000.00 |
Don S. Cook | 33,333 | 16,667 | 0.04% | 5,166.77 | |
Don Sanders and Tanya Drury TTEES FBO Tanya Jo Drury Trust | 30,000 | 15,000 | 0.03% | 4,650.00 | |
Don Weir and Julie Ellen Wein TEN IN COM | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
Donald L Poarch | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
Donal Moss | 53,333 | 26,667 | 0.06% | 8,266.77 | |
Donald R. Kendall, Jr. | 25,000 | 12,500 | 0.03% | 3,875.00 | |
Donald Wright C/O HSD Partners | 500,000 | 250,000 | 0.53% | x | 77,500.00 |
Donna Moss | 15,000 | 7,500 | 0.02% | 2,325.00 | |
Dr. William Grose Agency | 33,333 | 16,667 | 0.04% | 5,166.77 | |
Duane Renfro | 33,334 | 16,667 | 0.04% | 5,166.77 | |
Duke Family Rev. Living Trust UAD 3/8/06 | 33,333 | 16,667 | 0.04% | x | 5,166.77 |
Ed McAninch | 40,000 | 20,000 | 0.04% | 6,200.00 | |
Edmund Melhado | 100,000 | 50,000 | 0.11% | 15,500.00 | |
Edward Muchowski | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
Edwin Freedman | 200,000 | 100,000 | 0.21% | x | 31,000.00 |
Elizabeth Kirby Cohn McCool Separate Property | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Emily H. Todd Separate Property | 20,000 | 10,000 | 0.02% | 3,100.00 | |
Emily Harris Todd IRA | 16,666 | 8,333 | 0.02% | 2,583.23 | |
Eric Glen Weir | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
F. Berndon Co. LP | 30,000 | 15,000 | 0.03% | 4,650.00 | |
Frank J. Metyko Jr. & Mark J. Metyko & Kurt F. Metyko TTEES. Frank J. Metyko Residuary Trust | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Fred A. Stone, Jr. | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
Gary Friedland | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
George Ball | 70,000 | 35,000 | 0.07% | x | 10,850.00 |
George Antoun & Martha Antoun JTWROS | 33,333 | 16,667 | 0.04% | 5,166.77 | |
Geriann Sweeney & Louis Paul Lohn COM PROP | 66,667 | 33,334 | 0.07% | x | 10,333.54 |
Glenn Andrew Welsch TTEE Constance Welsch Trust UA DTD 12/18/95 | 15,000 | 7,500 | 0.02% | x | 2,325.00 |
Glenn Fleischhacker | 16,667 | 8,334 | 0.02% | x | 2,583.54 |
Gonzalo Vazquez | 70,000 | 35,000 | 0.07% | x | 10,850.00 |
Gottbetter & Partners, LLP in Trust for Besser Kapital Fund Ltd | 66,667 | 33,334 | 0.07% | 10,333.54 | |
Gran Tierra Investments J. Livingston Kosberg | 166,666 | 83,333 | 0.18% | 25,833.23 | |
Grant E. Sims & Patricia Sims JT TEN | 50,000 | 25,000 | 0.05% | 7,750.00 | |
Grant E. Sims C/F Eric R. Sims UTMA TX | 5,000 | 2,500 | 0.01% | 775.00 | |
Grant E. Sims C/F Ryan S. Sims UTMA TX | 5,000 | 2,500 | 0.01% | 775.00 | |
Grant E. Sims C/F Scott A. Sims UTMA TX | 5,000 | 2,500 | 0.01% | 775.00 | |
Gregory Selig Lewis | 20,000 | 10,000 | 0.02% | 3,100.00 | |
Hal Rothbaum | 66,667 | 33,334 | 0.07% | x | 10,333.54 |
Harvey Friedman Francine Fridman JT TEN | 16,667 | 8,334 | 0.02% | x | 2,583.54 |
Heather and Ian Campbell JTWROS | 13,334 | 6,667 | 0.01% | x | 2,066.77 |
Herbert Lippin | 20,000 | 10,000 | 0.02% | 3,100.00 | |
Howard Simon | 66,666 | 33,333 | 0.07% | 10,333.23 | |
Humphrey Family Limited Partnership | 20,000 | 10,000 | 0.02% | 3,100.00 | |
Ilex Investments LP | 200,000 | 100,000 | 0.21% | x | 31,000.00 |
IRA FBO Andrew Klein/Pershing LLC as Custodian | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
IRA FBO Bessie Montesano/Pershing LLC as Custodian | 33,334 | 16,667 | 0.04% | x | 5,166.77 |
IRA FBO Christopher Neal Todd/Pershing LLC as Custodian | 20,000 | 10,000 | 0.02% | 3,100.00 | |
IRA FBO Erik Klefos/Pershing LLC as Custodian | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
IRA FBO Hyman Gildenhorn/Pershing LLC as Custodian | 152,000 | 76,000 | 0.16% | x | 23,560.00 |
IRA FBO Jeff G. Mallett/Pershing LLC as Custodian | 20,000 | 10,000 | 0.02% | 3,100.00 | |
IRA FBO Jill Anne Harris/Pershing as Custodian | 16,667 | 8,334 | 0.02% | x | 2,583.54 |
IRA FBO Jodi F. Malanga/Pershing LLC as Custodian | 17,000 | 8,500 | 0.02% | x | 2,635.00 |
IRA FBO Lewis S. Rosen/Pershing LLC as Custodian | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
IRA FBO Linda Lorelle Gregory/Pershing LLC as Custodian | 30,000 | 15,000 | 0.03% | 4,650.00 | |
IRA FBO Lisa Marcelli/Pershing LLC as Custodian | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
IRA FBO Marc W. Evans/Pershing LLC as Custodian | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
IFA FBO Merila F. Peloso/Pershing LLC as Custodian | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
IRA FBO Paul H. Sanders Jr./Pershing LLC as Custodian | 10,000 | 5,000 | 0.01% | x | 1,550.00 |
IRA FBO Paula L. Santoski/Pershing LLC as Custodian | 33,333 | 16,667 | 0.04% | x | 5,166.77 |
IRA FBO Robert Clifford/Pershing LLC as Custodian | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
IRA FBO Robert E. Witt/Pershing LLC as Custodian | 40,000 | 20,000 | 0.04% | x | 6,200.00 |
IRA FBO Robert Larry Kinney/Pershing LLC as Custodian | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
IRA FBO Scott M. Marshall/Pershing LLC as Custodian | 96,000 | 48,000 | 0.10% | x | 14,880.00 |
IRA FBO Julie E. Weir/Pershing LLC as Custodian | 10,000 | 5,000 | 0.01% | 1,550.00 | |
IRA FBO Michael W. Mitchell/Pershing LLC as Custodian | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Jackie S. Moore | 25,000 | 12,500 | 0.03% | 3,875.00 | |
James B. Terrell Trust UAD 9/12/90 | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
James Garson | 33,334 | 16,667 | 0.04% | 5,166.77 | |
James McNeill | 333,300 | 166,650 | 0.35% | 51,661.50 | |
James R. Timmins and Alice M. Timmins T/I/C | 83,332 | 41,666 | 0.09% | x | 12,916.46 |
James W. Christmas | 100,000 | 50,000 | 0.11% | 15,500.00 | |
James W. Christie | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Jan Bartholomew | 16,666 | 8,333 | 0.02% | 2,583.23 | |
Jan Rask | 333,333 | 166,667 | 0.35% | x | 51,666.77 |
Janet E. Sikes | 10,000 | 5,000 | 0.01% | x | 1,550.00 |
Jay Moorin | 666,667 | 333,334 | 0.71% | x | 103,333.54 |
Jeff G. Mallett & Company Inc. PFP/FBO Jeff G. Mallett | 25,000 | 12,500 | 0.03% | 3,875.00 | |
Jeff G. Mallett & Company Inc. PSP FBO Denise M. Anderson | 5,000 | 2,500 | 0.01% | 775.00 | |
Jeffrey J. Orchen | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
Jeffrey J. Orchen P/S Plan DTD 1/1/95 Jeffrey J. Orchen TTEE | 59,333 | 29,667 | 0.06% | x | 9,196.77 |
Jeffrey Schnipper | 40,000 | 20,000 | 0.04% | x | 6,200.00 |
Jeffrey Scott | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
Jens Hansen | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Joe M. Bailey | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Joel Stuart | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
John I. Mundy Separate Property | 30,000 | 15,000 | 0.03% | 4,650.00 | |
John Jeffrey Mundy TTEE Mundy 2000 Gift Trust DTD 1/1/00 | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
John M. O'Quinn | 150,000 | 75,000 | 0.16% | x | 23,250.00 |
John N. Spiliotis | 16,666 | 8,333 | 0.02% | 2,583.23 | |
John V. Hazleton Jr. & Bonnie C Haxleton TIC | 13,000 | 6,500 | 0.01% | x | 2,015.00 |
John W. Johnson | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
John W. Lodge III | 33,333 | 16,667 | 0.04% | 5,166.77 | |
Jonathan Day | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Jorge Cangini | 40,000 | 20,000 | 0.04% | x | 6,200.00 |
Joseph A. Ahearn | 33,334 | 16,667 | 0.04% | 5,166.77 | |
Joseph A. Cech | 26,700 | 13,350 | 0.03% | x | 4,138.50 |
Joseph H. Flom | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Judith Ricciardi | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
Julius Johnston IV | 20,000 | 10,000 | 0.02% | 3,100.00 | |
Katherine U. Sanders 1990 | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
Katherine U. Sanders Childrens Trust DTD 2003/Don Weir Trustee | 250,000 | 125,000 | 0.26% | x | 38,750.00 |
Kenneth Kaplan | 33,333 | 16,667 | 0.04% | x | 5,166.77 |
LG Vela | 16,667 | 8,334 | 0.02% | 2,583.54 | |
Larry F. Crews | 16,999 | 8,500 | 0.02% | 2,635.00 | |
Larry Martin | 50,000 | 25,000 | 0.05% | 7,750.00 | |
Larry Zalk | 33,333 | 16,667 | 0.04% | 5,166.77 | |
Laura Connally | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Laura K. Sanders | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Lee Corbin | 17,000 | 8,500 | 0.02% | x | 2,635.00 |
Leigh Ellis and Mimi G. Ellis JTWROS | 20,000 | 10,000 | 0.02% | 3,100.00 | |
Lenny Olim | 20,000 | 10,000 | 0.02% | 3,100.00 | |
Lisa Dawn Weir | 40,000 | 20,000 | 0.04% | x | 6,200.00 |
Lorain S. Davis Trust, T. Stogel TTEE U/A DTD 11/10/86 | 16,666 | 8,333 | 0.02% | 2,583.23 | |
Louis Gleckel, MD | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Louis and Cara Zehil | 66,666 | 33,333 | 0.07% | 10,333.23 | |
Luc Chartrand | 75,000 | 37,500 | 0.08% | 11,625.00 | |
Luke J. Drury TTEE Luke J, Drury Non-Exempt Trust | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
M. St. John Dinsmore | 40,000 | 20,000 | 0.04% | 6,200.00 | |
Marc S. Powell and Lori T. Powell, TTEE, The Powell Family Trust | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Maria Checa | 33,333 | 16,667 | 0.04% | 5,166.77 | |
Margaret Reed | 17,000 | 8,500 | 0.02% | 2,635.00 | |
Mark Drury TTEE FBO Mark J. Drury Non-Exempt Trust | 50,000 | 25,000 | 0.05% | 7,750.00 | |
Mark Leszczynski | 33,334 | 16,667 | 0.04% | 5,166.77 | |
Mark N. Davis | 16,667 | 8,334 | 0.02% | 2,583.54 | |
Mary E. Shields | 16,666 | 8,333 | 0.02% | 2,583.23 | |
Mary Harris Cooper | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Mathew D. Myers | 17,000 | 8,500 | 0.02% | x | 2,635.00 |
Mathew Drury TTWW FBO Mathew J. Drury Non-Exempt Trust | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Max Dillard | 100,000 | 50,000 | 0.11% | 15,500.00 | |
Max Wei | 26,656 | 13,328 | 0.03% | x | 4,131.68 |
Mazzei Holding LLC | 33,333 | 16,667 | 0.04% | 5,166.77 | |
McCarron Family Partners Ltd. | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Melton Pipes/Pershing LLC as Custodian | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Melvin Howard | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
Merrick C. Marshall | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Michael Glita & Joan Glita JT TEN | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
Michael J. Guido, Jr. Special Account | 66,666 | 33,333 | 0.07% | 10,333.23 | |
Michael L. Thiele & Elaine D Thiele JT TEN | 133,333 | 66,667 | 0.14% | x | 20,666.77 |
Michael S. Chadwick | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Middle March Partners LTD | 66,667 | 33,334 | 0.07% | 10,333.54 | |
Morton A. Cohn | 150,000 | 75,000 | 0.16% | x | 23,250.00 |
Morton J. Weisberg | 26,666 | 13,333 | 0.03% | 4,133.23 | |
Nancy J, Harmon | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
Nathan Hagens | 40,000 | 20,000 | 0.04% | 6,200.00 | |
Norman Goldberg | 66,666 | 33,333 | 0.07% | x | 10,333.23 |
P & J Fingerhut Family Trust, Joan Fingerhut TTEE, John Tuschman Agent UDPA | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
Paul Evans | 16,666 | 8,333 | 0.02% | 2,583.23 | |
Paul Lukowitsch | 16,667 | 8,334 | 0.02% | x | 2,583.54 |
Paul Mitcham | 40,000 | 20,000 | 0.04% | 6,200.00 | |
Paul Osher & Sara Osher JTWROS | 33,333 | 16,667 | 0.04% | x | 5,166.77 |
Paul Tate and Lara M. Tate TIC | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
Paula L Santoski Special Property | 33,333 | 16,667 | 0.04% | x | 5,166.77 |
Pauline H. Gorma Trust UTD 3/10/93 | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Perfco Investments LTd | 200,000 | 100,000 | 0.21% | x | 31,000.00 |
Philip M. Garner & Carol P. Garner TEN IN COMMON | 200,000 | 100,000 | 0.21% | x | 31,000.00 |
Platinum Business Investment Company, Ltd | 200,000 | 100,000 | 0.21% | 31,000.00 | |
Professional Billing Ltd. | 133,333 | 66,667 | 0.14% | x | 20,666.77 |
Rafael Orunesu | 80,000 | 40,000 | 0.08% | x | 12,400.00 |
Richard D. Kinder | 166,667 | 83,334 | 0.18% | x | 25,833.54 |
Richard Hochman | 15,000 | 7,500 | 0.02% | x | 2,325.00 |
RJS Jr./PLS 1192 Turst FBO Robert J. Santoski, Paula Santoski, TTEE | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Markus Ventures, L.P. | 200,000 | 100,000 | 0.21% | 31,000.00 | |
Robert Freedman | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
Robert MacLeod | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Robert Pedlow | 133,333 | 66,667 | 0.14% | 20,666.77 | |
Robert Sayre Lindsey JT TEN | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Robert Wilensky | 20,000 | 10,000 | 0.02% | 3,100.00 | |
Robert Zappia | 40,000 | 20,000 | 0.04% | 6,200.00 | |
Robert Kintigh | 17,000 | 8,500 | 0.02% | 2,635.00 | |
Robin Forrester | 16,666 | 8,333 | 0.02% | 2,583.23 | |
Rock Associates | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Ron Davi | 133,333 | 66,667 | 0.14% | x | 20,666.77 |
Rosen Family Trust | 50,000 | 25,000 | 0.05% | 7,750.00 | |
Roy Alan Price | 35,000 | 17,500 | 0.04% | 5,425.00 | |
Rubin Children Trust | 200,000 | 100,000 | 0.21% | 31,000.00 | |
Russell Hardin Jr. | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Samuel A. Jones | 25,000 | 12,500 | 0.03% | x | 3,875.00 |
Sanders Opportunity Fund (Institutional), LP | 533,050 | 266,525 | 0.56% | x | 82,622.75 |
Sanders Opportunity Fund , LP | 166,950 | 83,475 | 0.18% | x | 25,877.25 |
Sandy Valley Two LLC | 30,000 | 15,000 | 0.03% | 4,650.00 | |
Scott Andrews | 100,000 | 50,000 | 0.11% | 15,500.00 | |
SEP FBO Dwight W. Fate/Pershing LLC as Custodian | 16,667 | 8,334 | 0.02% | x | 2,583.54 |
SEP FBO Kenneth L. Hamilton/Pershing LLC as Custodian | 5,000 | 2,500 | 0.01% | x | 775.00 |
SEP FBO Peter G. Sarles/ Pershing LLC as Custodian | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
SEP FBO Philip M. Garner/Pershing LLC as Custodian | 27,133 | 13,567 | 0.03% | x | 4,205.77 |
SEP FBP Rick Pease/Pershing LLC as Custodian | 10,000 | 5,000 | 0.01% | 1,550.00 | |
SEP FBO Robert Slanovits/Pershing LLC as Custodian | 10,000 | 5,000 | 0.01% | x | 1,550.00 |
SEP FBO Susan S Lehrer/Pershing LLC as Custodian | 16,666 | 8,333 | 0.02% | 2,583.23 | |
SEP FBO Thomas Giarraputo/Pershing LLC as Custodian | 56,000 | 28,000 | 0.06% | 8,680.00 | |
SEP FBO William E. Grose MD/Pershing LLC as Custodian | 16,666 | 8,333 | 0.02% | 2,583.23 | |
Shadow Creek Capital Partners LP | 200,000 | 100,000 | 0.21% | 31,000.00 | |
Sharetron Limited Partnership | 40,000 | 20,000 | 0.04% | x | 6,200.00 |
Shawn T. Kemp | 40,000 | 20,000 | 0.04% | 6,200.00 | |
SLS/PLS 1988 Tr FBO Samantha Leigh Santoski, Paula L. Santoski, TTEE | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Small Ventures USA LP | 66,666 | 33,333 | 0.07% | 10,333.23 | |
Stanley Cohen | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Stanley Katz | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
Stephen Falk MD and Sheila Falk, T/I/C | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Stephen S. Oswald | 50,000 | 25,000 | 0.05% | 7,750.00 | |
Steve Harter | 30,000 | 15,000 | 0.03% | 4,650.00 | |
Steve Scott | 66,666 | 33,333 | 0.07% | x | 10,333.23 |
Steven Hall/Rebecca Hall JTWROS | 34,000 | 17,000 | 0.04% | 5,270.00 | |
Steven Elliott | 33,334 | 16,667 | 0.04% | 5,166.77 | |
Sue M. Harris Separate Property | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Sue Minton Harris TTWW Pinke Lou Blair Estate Trust | 33,333 | 16,667 | 0.04% | x | 5,166.77 |
Susan S Lehrer TTEE L Lehrer Trust U/W FBO Benjamin Lehrer DTD 2/22/93 | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Susan S Lehrer TTEE L Lehrer Trust U/W FBO /Michael Lehrer DTD 2/22/93 | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Susan S Lehrer | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Susan Sanders Separate Property | 25,000 | 12,500 | 0.03% | 3,875.00 | |
T. Buchanan & J Buchanan TTEES Buchanan Advisors Inc. Defined Benefit Plan UA DTD 1/1/02 | 25,000 | 12,500 | 0.03% | 3,875.00 | |
T. Scott O'Keefe | 75,000 | 37,500 | 0.08% | x | 11,625.00 |
Tanya Drury | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
The Leland Hirsch Family Partnership | 33,333 | 16,667 | 0.04% | 5,166.77 | |
The Sarles Family Trust UAD 9/7/00 | 40,000 | 20,000 | 0.04% | x | 6,200.00 |
Theseus Fund LP | 500,000 | 250,000 | 0.53% | x | 77,500.00 |
Thomas Asarch & Barbara Asarch TEN COM | 33,333 | 16,667 | 0.04% | x | 5,166.77 |
Thomas Brady & Daniel Brady TTEE E P Brady Inc. Profit Sharing Plan & Trust | 25,000 | 12,500 | 0.03% | 3,875.00 | |
Titus Harris Jr. | 83,332 | 41,666 | 0.09% | x | 12,916.46 |
Tom Juda, Nancy Juda, TTEES, Tom Juda and & Nancy Juda Living Trust DTD 5/3/95 | 166,666 | 83,333 | 0.18% | x | 25,833.23 |
Tommy Forrester | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Tony Dutt & Bridget Dutt T/I/C | 20,000 | 10,000 | 0.02% | 3,100.00 | |
Tracy D. Stogel | 16,666 | 8,333 | 0.02% | 2,583.23 | |
Trevor J. Tomanik | 79,992 | 39,996 | 0.08% | 12,398.76 | |
TWM Associates LLC | 66,666 | 33,333 | 0.07% | 10,333.23 | |
Valerie B. Lens | 33,000 | 16,500 | 0.03% | 5,115.00 | |
Verne Johnson | 100,006 | 50,003 | 0.11% | x | 15,500.93 |
Victoria Giannukos | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
Vincent Vazquez | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
Vitel Venture Corp | 666,666 | 333,333 | 0.71% | 103,333.23 | |
W. Roger Clemons, Special Retirement Account | 30,000 | 15,000 | 0.03% | 4,650.00 | |
Weiskopf, Silver & Co LP | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Wendy Wolfe Rodrigue & Heather Wolfe Parker TIC | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
William D. Bain Jr and Peggy Brooks Bain TEN COM | 15,000 | 7,500 | 0.02% | x | 2,325.00 |
William Edward John Page | 30,000 | 15,000 | 0.03% | 4,650.00 | |
William R. Hurt | 17,000 | 8,500 | 0.02% | x | 2,635.00 |
William H. Mildren | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
William Scott | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
William Sockman | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
William T. Criner & Frances E. Criner TIC | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Wolf Canyon LTD--Special | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Zadok Jewelers | 100,000 | 50,000 | 0.11% | 15,500.00 | |
Zadok Jewelry Inc. 401K Profit Sharing Plan | 50,000 | 25,000 | 0.05% | 7,750.00 | |
Anthony S. Jacobs | 150,000 | 75,000 | 0.16% | x | 23,250.00 |
Bancor Inc. | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
Bruce Slovin | 100,000 | 50,000 | 0.11% | 15,500.00 | |
Charles Ofner | 135,000 | 67,500 | 0.14% | x | 20,925.00 |
Chris Gandalfo | 10,000 | 5,000 | 0.01% | 1,550.00 | |
Dale Foster | 49,992 | 24,996 | 0.05% | 7,748.76 | |
Daniel Todd Dane | 66,666 | 33,333 | 0.07% | x | 10,333.23 |
David M. Underwood | 10,000 | 5,000 | 0.01% | 1,550.00 | |
Donald Roennigke | 25,000 | 12,500 | 0.03% | 3,875.00 | |
Donald Streu | 17,000 | 8,500 | 0.02% | 2,635.00 | |
Edward Heil | 166,666 | 83,333 | 0.18% | x | 25,833.23 |
Gerald Golub | 33,334 | 16,667 | 0.04% | x | 5,166.77 |
H. Markley Crosswell, III | 15,000 | 7,500 | 0.02% | 2,325.00 | |
Hazel Bennett | 10,000 | 5,000 | 0.01% | x | 1,550.00 |
Hunter & Co. LLC Defined Pension Plan | 35,000 | 17,500 | 0.04% | x | 5,425.00 |
John D. Long Jr. | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
John H. Gray | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
John L. Nau III and Barbara Nau JT TEN | 135,000 | 67,500 | 0.14% | 20,925.00 | |
Joseph B Swinbank | 30,000 | 15,000 | 0.03% | 4,650.00 | |
Kevin Donald Poynter | 200,000 | 100,000 | 0.21% | 31,000.00 | |
Lance DG Uggla | 399,993 | 199,997 | 0.42% | x | 61,999.07 |
Lawrence Johnson West | 16,666 | 8,333 | 0.02% | 2,583.23 | |
Leticia Turullos SEP ITA | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Mac Haik | 200,000 | 100,000 | 0.21% | x | 31,000.00 |
Maria Checa | 6,666 | 3,333 | 0.01% | 1,033.23 | |
Michael J. Hampton | 50,000 | 25,000 | 0.05% | 7,750.00 | |
Michael McNulty | 16,666 | 8,333 | 0.02% | x | 2,583.23 |
Michael S. Chadwick | 333 | 167 | 0.00% | 51.77 | |
Rahn and Bodmer | 66666 | 33333 | 0.07% | 10,333.23 | |
Rosa Anna Marshall | 70,000 | 35,000 | 0.07% | x | 10,850.00 |
Rune Medhus & Elisa Medhus MD | 70,000 | 35,000 | 0.07% | x | 10,850.00 |
Sonya Messner | 22,000 | 11,000 | 0.02% | x | 3,410.00 |
Tanglewood Family Limited Partnership | 40,000 | 20,000 | 0.04% | 6,200.00 | |
Thomas W. Custer | 25,000 | 12,500 | 0.03% | x | 3,875.00 |
Tolar N. Hamblen III | 20,000 | 10,000 | 0.02% | 3,100.00 | |
Westchase Investments Group, LLC | 34,000 | 17,000 | 0.04% | 5,270.00 | |
Robert D. Steele | 80,000 | 40,000 | 0.08% | x | 12,400.00 |
MP Pensjon | 533,314 | 266,657 | 0.56% | 82,663.67 | |
The Knuettel Family Trust | 16,668 | 8,334 | 0.02% | 2,583.54 | |
Canaccord Capital Corporation in Trust for ROB KRAHN | 35,000 | 17,500 | 0.04% | 5,425.00 | |
Canaccord Capital Corporation in Trust for MARK AND MONICA TOMPSON | 30,000 | 15,000 | 0.03% | 4,650.00 | |
Canaccord Capital Corporation in Trust for HOLLYVALE LIMITED | 17,000 | 8,500 | 0.02% | x | 2,635.00 |
Canaccord Capital Corporation in Trust for JUDITH ANN BATES | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Canaccord Capital Corporation in Trust for NORTH CITY INVESTMENTS CORP. | 17,000 | 8,500 | 0.02% | x | 2,635.00 |
Canaccord Capital Corporation in Trust for BRION BAILEY | 15,000 | 7,500 | 0.02% | x | 2,325.00 |
Canaccord Capital Corporation in Trust for BRIAN COLE | 17,000 | 8,500 | 0.02% | x | 2,635.00 |
Canaccord Capital Corporation in Trust for FACCONE ENTERPRISES LTD | 20,000 | 10,000 | 0.02% | 3,100.00 | |
Canaccord Capital Corporation in Trust for LSM BUSINESS SERVICES LTD | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Canaccord Capital Corporation in Trust for GRANT HODGINS | 17,000 | 8,500 | 0.02% | 2,635.00 | |
Canaccord Capital Corporation in Trust for GARY GEE WAI HOY &/OR LILY WAI HOY JTWROS | 17,000 | 8,500 | 0.02% | 2,635.00 | |
Canaccord Capital Corporation in Trust for DAN O'BRIEN | 30,000 | 15,000 | 0.03% | 4,650.00 | |
Canaccord Capital Corporation in Trust for HIROSHI OGATA | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Canaccord Capital Corporation in Trust for MICHAEL PARASKAKE | 17,000 | 8,500 | 0.02% | 2,635.00 | |
Canaccord Capital Corporation in Trust for SHAWN PERGER | 17,000 | 8,500 | 0.02% | x | 2,635.00 |
Canaccord Capital Corporation in Trust for ROWENA SANTOS | 17,000 | 8,500 | 0.02% | x | 2,635.00 |
Canaccord Capital Corporation in Trust for KEN WONG | 17,000 | 8,500 | 0.02% | x | 2,635.00 |
Canaccord Capital Corporation in Trust for LIAQAT A KHAN | 17,000 | 8,500 | 0.02% | x | 2,635.00 |
Canaccord Capital Corporation in Trust for ROBERT CARD | 10,000 | 5,000 | 0.01% | �� 1,550.00 | |
Canaccord Capital Corporation in Trust for KYUNG CHUN MIN | 16,800 | 8,400 | 0.02% | x | 2,604.00 |
Canaccord Capital Corporation in Trust for RICHARD H MACHIN | 17,500 | 8,750 | 0.02% | x | 2,712.50 |
Canaccord Capital Corporation in Trust for JIM TAYLOR | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Canaccord Capital Corporation in Trust for KIYOSHI FUJIEDA | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Canaccord Capital Corporation in Trust for SANOVEST HLDGS LTD | 250,000 | 125,000 | 0.26% | 38,750.00 | |
Canaccord Capital Corporation in Trust for 719906 BC LTD | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Canaccord Capital Corporation in Trust for EDWARD B ANTONSEN | 55,000 | 27,500 | 0.06% | x | 8,525.00 |
Canaccord Capital Corporation in Trust for GREGG J SEDUN | 100,000 | 50,000 | 0.11% | x | 15,500.00 |
Canaccord Capital Corporation in Trust for DELORES ANTONSEN | 40,000 | 20,000 | 0.04% | x | 6,200.00 |
Canaccord Capital Corporation in Trust for DAVID N MALM ANAESTHESIA INC. | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
Canaccord Capital Corporation in Trust for QRS HOLDINGS LTD | 30,000 | 15,000 | 0.03% | x | 4,650.00 |
Canaccord Capital Corporation in Trust for PGS HOLDINGS LTD | 25,000 | 12,500 | 0.03% | 3,875.00 | |
Canaccord Capital Corporation in Trust for FRED PARRISH INVESTMENTS PTY LTD | 66,667 | 33,334 | 0.07% | x | 10,333.54 |
Canaccord Capital Corporation in Trust for ALEXANDER COX | 670,000 | 335,000 | 0.71% | x | 103,850.00 |
Canaccord Capital Corporation in Trust for NEON RAINBOW HOLDINGS LTD | 17,000 | 8,500 | 0.02% | x | 2,635.00 |
Canaccord Capital Corporation in Trust for ROBERT W Y KUNG | 17,000 | 8,500 | 0.02% | x | 2,635.00 |
Canaccord Capital Corporation in Trust for LLOYD CLARK | 16,800 | 8,400 | 0.02% | x | 2,604.00 |
Canaccord Capital Corporation in Trust for GRACE TO | 10,000 | 5,000 | 0.01% | x | 1,550.00 |
Canaccord Capital Corporation in Trust for CARMAX ENTERPRISES CORPORATION | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Canaccord Capital Corporation in Trust for LEO WONG | 50,000 | 25,000 | 0.05% | x | 7,750.00 |
Canaccord Capital Corporation in Trust for MIKE HUDSON | 20,000 | 10,000 | 0.02% | x | 3,100.00 |
Roytor & Co. ITF VP Bank (Switzerland) Ltd. a/c M13468661 | 166,700 | 83,350 | 0.18% | x | 25,838.50 |
Canaccord Capital Corporation in Trust for CARL &/OR SHIRLEY BERHDAHL JTWROS | 30,000 | 15,000 | 0.03% | 4,650.00 | |
Canaccord Capital Corporation in Trust for ARLEEN AGATE | 17,000 | 8,500 | 0.02% | 2,635.00 | |
Canaccord Capital Corporation in Trust for BILL CORMYLO | 20,000 | 10,000 | 0.02% | 3,100.00 | |
Canaccord Capital Corporation in Trust for JEREMY LINK | 17,000 | 8,500 | 0.02% | 2,635.00 | |
Canaccord Capital Corporation in Trust for RICHARD &/OR SUSAN BURTON JTWROS | 10,000 | 5,000 | 0.01% | 1,550.00 | |
Canaccord Capital Corporation in Trust for JACK COLDWELL | 12,000 | 6,000 | 0.01% | 1,860.00 | |
Canaccord Capital Corporation in Trust for COROMANDEL RESOURCES LTD | 25,000 | 12,500 | 0.03% | 3,875.00 | |
Canaccord Capital Corporation in Trust for DON COWIE | 12,000 | 6,000 | 0.01% | 1,860.00 | |
Canaccord Capital Corporation in Trust for RICHARD H DAHL | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for BRAD W. GABEL | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for HARRY GABEL | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for BOB GEDDES | 25,000 | 12,500 | 0.03% | 3,875.00 | |
Canaccord Capital Corporation in Trust for ANDREW GOODACRE | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for TERRAL HAGMAN | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for STEVE HORTH | 13,000 | 6,500 | 0.01% | 2,015.00 | |
Canaccord Capital Corporation in Trust for KORNELL CAPITAL CORPORATION | 33,000 | 16,500 | 0.03% | 5,115.00 | |
Canaccord Capital Corporation in Trust for RICHARD MACDERMOTT | 40,000 | 20,000 | 0.04% | 6,200.00 | |
Canaccord Capital Corporation in Trust for RON C NORTHCOTT | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for PATRICIA J ALLEWELL PROFESSIONAL CORPORATION | 12,000 | 6,000 | 0.01% | 1,860.00 | |
Canaccord Capital Corporation in Trust for DOUG RIOPELLE &/OR LINDA BENHAM-RIOPELLE JTWROS | 12,000 | 6,000 | 0.01% | 1,860.00 | |
Canaccord Capital Corporation in Trust for GORDON W. ROSS REAL ESTATE INC. | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for ANTHONY SMITH | 60,000 | 30,000 | 0.06% | 9,300.00 | |
Canaccord Capital Corporation in Trust for TECHSEARCH CONSULTING GROUP INC. | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for RODNEY B DAND PROFESSIONAL CORP | 13,000 | 6,500 | 0.01% | 2,015.00 | |
Canaccord Capital Corporation in Trust for DAN ECHINO | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for KELLY FRASER | 35,000 | 17,500 | 0.04% | 5,425.00 | |
Canaccord Capital Corporation in Trust for DARRIN GABEL | 13,000 | 6,500 | 0.01% | 2,015.00 | |
Canaccord Capital Corporation in Trust for G-MAC WELDING LTD | 2,500 | 1,250 | 0.00% | 387.50 | |
Canaccord Capital Corporation in Trust for J. BARETT DEVELOPMENTS LTD | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for HOOTER'S WELDING LTD | 13,500 | 6,750 | 0.01% | 2,092.50 | |
Canaccord Capital Corporation in Trust for JERZY NOWAK | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for GERALD SLAMKO | 12,000 | 6,000 | 0.01% | 1,860.00 | |
Canaccord Capital Corporation in Trust for PAUL STEIN | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for WILLIAM &/OR COLLEEN TOBMAN JTWROS | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for BARRY TUCKER | 25,000 | 12,500 | 0.03% | 3,875.00 | |
Canaccord Capital Corporation in Trust for VICKERS FAMILY TRUST | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for EVONNE WHELAN | 12,853 | 6,427 | 0.01% | 1,992.37 | |
Canaccord Capital Corporation in Trust for DENNIS BLEACKLEY | 12,000 | 6,000 | 0.01% | 1,860.00 | |
Canaccord Capital Corporation in Trust for EDMUND &/OR JUDY HOUCHIN JTWROS | 15,000 | 7,500 | 0.02% | 2,325.00 | |
Canaccord Capital Corporation in Trust for JERRY &/OR CHERYL HOUCHIN JTWROS | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for HIGHLANDS RESOURCES LTD | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for PETER C NICHOLS | 15,000 | 7,500 | 0.02% | 2,325.00 | |
Canaccord Capital Corporation in Trust for GEORGE HIMANN | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for Trapp Construction LTD | 16,500 | 8,250 | 0.02% | 2,557.50 | |
canaccord Capital Corporation in Trust for Todd Sysak | 6,500 | 3,250 | 0.01% | 1,007.50 | |
Canaccord Capital Corporation in Trust for Sandeep G. Aggarwal Professional Corporation | 10,000 | 5,000 | 0.01% | 1,550.00 | |
Canaccord Capital Corporation in Trust for Chris Saunders | 12,000 | 6,000 | 0.01% | 1,860.00 | |
Canaccord Capital Corporation in Trust for J.M.C.Investments LTD | 55,000 | 27,500 | 0.06% | 8,525.00 | |
Canaccord Capital Corporation in Trust for Rodadon Investments LTD | 12,000 | 6,000 | 0.01% | 1,860.00 | |
Canaccord Capital Corporation in Trust for Gary &/or Charlotte Vermeulen Jtwros | 16,500 | 8,250 | 0.02% | 2,557.50 | |
Canaccord Capital Corporation in Trust for Yarek Bartosz &/or Lisa Mcintosh Jtwros | 25,000 | 12,500 | 0.03% | 3,875.00 | |
Canaccord Capital Corporation in trust for Ben Tabin | 8,000 | 4,000 | 0.01% | 1,240.00 | |
50,000,004 | 25,000,029 | 53% | $ 7,750,008.99 | ||
Sanders Morris Harris | 1,308,921 | 405,765.51 | |||
Deutsche Bank | 1,308,921 | 405,765.51 | |||
Canaccord Capital Corporation | 207,847 | 63,482.57 | |||
Warrants and Liquidated Damages | 27,825,718 | $ 8,625,022.58 | |||
1) Please note that complete shareholdings in Gran Tierra of investors listed above have not been provided other than their participation in the 2006 Offering | |||||
2) Total Shares Outstanding at Date of Modification | 94,506,912 |