Comments on: Acquisition Wednesday, Round 2: Indian firm Rolta buys TUSC

By: SBL GEOMATICS

SBL GEOMATICS — Fri, 13 Feb 2009 01:47:12 +0000

Really worthful article! Hope everything will be ok within some time..
thanks for sharing.. regards
SBL GEOMATICS

By: Dan Norris

Dan Norris — Wed, 03 Sep 2008 11:13:08 +0000

Welcome to old news! Thanks for stopping by. As you can tell, we were
all a little surprised too. Sounds like things are going well for them
so far, though.

By: mike

mike — Tue, 02 Sep 2008 17:38:18 +0000

Hi, Dan. I was surprised when I stumbled across this article today. I was one of the folks that fled the Denver office because of the management there. I never thought that TUSC would sell out like this. Maybe others are right, they just got tired after the downturn. It's still a shock to me because I have a lot of respect for Rich & Joe.

By: Greg

Greg — Thu, 07 Feb 2008 05:41:13 +0000

I haven’t heard of one single ex-employee getting a penny just yet. I still have all relevant paperwork. The wording is confusing, like other docs I ever got from them. I think I will have more solid answers after the February poker game.

By: Dan

Dan — Fri, 01 Feb 2008 01:05:26 +0000

I haven’t heard of anyone else receiving anything. Someone told me that TUSC believes that options are valid for 90 days past the termination date, but I haven’t heard anything official to back that up yet. And I still haven’t looked for my documents at home (on the road this week again).

By: km

km — Thu, 31 Jan 2008 23:58:44 +0000

Has anyone else received such a payment? Was there any documentation along with it?

By: Ullfr

Ullfr — Tue, 29 Jan 2008 17:00:34 +0000

I left the company two months ago. The money was deposited in my account yesterday. I won’t be buying a vacation home, but a new laptop is a possibility

As for the sale price…
The owners saw the company through the last downturn around 2000. Since many market analysts are using the ‘R’ (recession) word as if it’s inevitable they may have decided it was worth selling for somewhat less than they may have ultimatley been able to fight for just to avoid another such period of stress. Just a thought…

By: km

km — Tue, 29 Jan 2008 02:34:24 +0000

Geez, am I the only person who kept those option agreements?
The options (which I think were last granted in 2004) vested 1/4 each year. Further, options expire on the 10th anniversary of the grant date. Options would also become exercisable if the company IPOd and would become half-vested immediately if there was a change of ownership.
So here’s how I read it. Because they waited until after January 1 all of the options granted would be exercisable.

Play the numbers. At $1.02 per share you’d be making money off of every share. Since this is a change of control, you have to tender the shares to the company.

I still don’t see anything in this about giving up exercise rights.

By: Anon

Anon — Sun, 27 Jan 2008 20:46:28 +0000

Dan,

I’ve been through a couple of similar buyouts as an employee. Seems to me that the letter / vested options are a legal issue as a shareholder so whether a person is currently employed shouldn’t matter. Guess it is something to have an attorney review.

By: Dan

Dan — Sun, 27 Jan 2008 17:12:22 +0000

@td I had heard that their other offices were “virtual”, but hadn’t gotten confirmation.

@Anon I absolutely would not wait for any letters from TUSC as I simply don’t think that non-employees will ever get a letter. I heard that the purchase price was $1.02 per share. So, you’d have to see what your option strike price was to compute the possible payout. If your strike price was $1.00 and you had 10,000 shares, then you’d stand to cash in $200. Of course, I didn’t find my paperwork yet, so I can’t comment on whether I agree with your opening statement or not.