Monday, June 15, 2009

PTF (perusing the filings) - Answers(ANSW)

AlphaNinja - Take a clue from those doing the selling.

Just a few days ago, Redpoint Ventures exercised a hefty warrant stake. Answers (ANSW) and Redpoint sounded a positive note about the commitment to the company going forward:

“We are very pleased to see this further commitment from our biggest investor," said Robert S. Rosenschein, Answers’ Chairman and CEO. "This investment confirms their support and confidence in our vision to build the world’s best Q&A site.”

As part of the investment, Redpoint’s Tom Dyal, previously an Answers Corporation board observer, joined the Company’s board of directors as a full member, Redpoint’s second representative on the board.

Tom Dyal commented, “Since our initial investment one year ago, Answers’ growth has been phenomenal, exceeding our expectations. Our second investment in the company reflects the growth opportunity for their technology and community in the Q&A space.”

I guess you can call it a "commitment," but here they are this morning registering to sell a good chunk (well, most actually) of their shares. The company is profitable, but maybe Redpoint thinks 3x sales is a good time to part with some shares:

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