01-12-2010, 10:29 AM
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Uber Administrator Wise Segway Elder
Join Date: Sep 2002
Location: Greater Boston
Posts: 6,996
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Segway Merges with JWH Holdings (Segway UK)
Well, I received my stockholder letter yesterday. You know it's not good when it starts off with "Dear Former Stockholder of Segway Inc." It's dated 12 days ago, but was FedEx'd to me just yesterday.
JWH Holdings, Inc. turns out to be a holding company formed for just this transaction (incorporated in Delaware). But if you look up the contact address for notices in the agreement, you'll find that it appears to be the same address as Segway UK. So the upshot is that Segway UK purchased Segway Inc.
My favorite line in the entire document appears on page 13:
Quote:
(ix) each issued and outstanding share of Common Stock (what I have) shall be cancelled and no longer be outstanding and shall cease to exist and no consideration shall be delivered in exchange therefor.
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Pretty much says it all. The agreement is structured in such a way as to make putting a price tag on it a little difficult. But it's not really a "merger" any more than Chrysler and MB was a merger (e.g., in name only).
Jim Norrod appears out as CEO. Tricia Laidler is the new CEO and Wayne Mitchell is the new COO.
I hope this means a bright future for the remaining company.
John
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An original Segway employee, 2001-2005
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