Monday, May 22, 2017

Financial 1

Financial 1 .         By Mr. Bob Gumbinner

On March 7, 1961, Mr. Halpern sold 30% (150,000 shares) of the Polychrome stock to the public. The IPO was done by Hayden and Stone, a brokerage house in Ohio. The stock was sold at seven dollars a share. Some of the stock was bought by Laird & Co. and Alfred DuPont Dent, one of the principals was elected to the board of Polychrome. The following year, Mr. McNeil of Hayden was elected to the board. Before the public sale, Mr. Halpern had sold at the book value a few share of stock to Bernard Gold, who was Polychrome’s CFO, myself and Kay. He also got back from Myron Doyno, one of Polychrome’s earliest employees the ten per cent of the Polychrome stock he had been given in lieu of salary. Myron for many years represented Polychrome in Canada. In 1963, Polychrome common stock was listed on the American Stock exchange. Over the years, since cash was tight, stock dividends were given. In 1968, a public sale was made of 200,000 shares of Polychrome common stock.