Vonage buys back its shares at $17
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Vonage found an original solution to an unusual post-IPO situation. To be squared with its customer shareholders, the VoIP provider is offering to buy back shares between $16-$18 per stock. Some customers the Broadband Reports forum have received a very intriguing snail mail from the company:
“Because you are important to us, we have asked the underwriters of the IPO to reserve shares of common stock for sale to certain Vonage customers at the IPO price in a Directed Share Program.”
A scan of the document is available here. Only people who become a Vonage customer from December 15, 2006 through February 1st, 2006 could be eligible to the pay-back.
But there are a lot of unanswered for this offer. For instance, how many shares would be bought back? Will customers who refuse to pay their shares still be sued if they don’t? Could Vonage’s IPO insurance support the operation? If not, will Vonage rise its prices? Oh, they will do it any way.
Jun 20, 2006 | By Nuno
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