On December 29th 2006 the BC Patriot Party donated $1,838,100 to the Advociational Democratic Party in the form of 612,700 shares of Keegan Resources valued at $3 per share. While this contribution is interesting on so many levels, I thought I would look at how this relates to Keegan Resources.
On December 29th 2006 the value of the stock seems to have been $2.57 and only 1,000 shares changed hands. I can not see any point that this many shares were openly traded of this company close to the time of the donation. A transfer of 612,700 shares is well beyond the volume this stock traded at in 2006 and 2007.
|the donation page from the 2006 Advocational Democratic Party finance report|
At a value of $2.57 and not $3.00 per share, the contribution should have been listed as $1,574,639. Does this matter? I would say yes because the values should be ones that reflect ones on an open market and not be a number someone is allowed to create on their own.
Maybe the stock never changed hands. At some point in 2007 the Advocational Party returned to the BC Patriot Party $1,838,100. This transaction was not counted as a political contribution and therefore the forms have no dates for when this occurred.
On December 4th 2007 the BC Patriot Party gave the Advocational Party an equity contribution of $1,625,483. A gift of stocks?
My other posts on this: