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.