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Angie’s List files to sell $75 million in stock

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Indianapolis-based Angie’s List Inc. has filed to offer up to $75 million of its common stock, including $10 million to be sold by the company and the rest by shareholding officers.

Funds from the public offering will be used to finance the company’s advertising campaign to drive membership growth and for general corporate purposes, including working capital, the company said on Tuesday.

The Securities and Exchange Commission filing does not list a selling price or which officers will sell shares. Officers own 46 percent of company shares.

Angie’s List said in the filing that the offering will help increase its “public float.” Too many shares owned by officers makes it more difficult to have an active market for buyers and sellers of a company’s stock.

Angie’s List staged its initial public offering in mid-November, raising $114 million. The company sold 8.8 million shares for $13 each. The stock traded as high as $18.75 on the opening day but since has fallen back to the $13 range.

The company provides online consumer reviews of plumbers, electricians and other service providers.

Angie’s List lost nearly $13.5 million in the first three months of 2012 on revenue of $31.1 million.
 

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  • Yup!
    Whats with the Mitch Daniels comments? Its not like he looted IPL, sold the roads to foreigners, the government to IBM, took money from felons, and refused to live in the state capital because he had a $2 million house in Carmel ! He's just an average guy who campaigns in an RV to show how blue collar he is. I bet his nannies, gardeners, drivers, security guards, and housekeepers all will tell you he's just like everyone else in Indiana!

    # You voted for him
  • Fools and their Money
    I'm all for free markets, and it some idiot wants to buy this dog, God bless'em. If Indiana State Pension funds start buying it as a favor to Mitch and his former campaign leaders, then that's not right.
  • Pump & Dump
    Here I thought that the Pump & Dump scenario was long gone, but we are witnessing a remake of a very bad movie. Thanks to Angie, I have done quite well shorting this stock, and I look forward to the $75 Million offering, which is nothing more than highway robbery disguised as people who count on Angie everyday. Well, all of the short sellers I know have done quite well, while the underwriters continue to pump air into this sinking balloon. The Class Action Lawsuits for investors who were bilked will start to roll in next year.
  • Diversion
    "the offfering will help increase the public float. Too many shares owned by officers makes it more difficult to have an active market for buyers and sellers of a company’s stock." Thats a new one. That level of float certainly isn't any deterent to an orderly market. Just a smokescreen by management and the VC boys to cash out.
  • I feel better
    I feel better now that I see these comments. I'm glad that I'm not the only one that feels this way. I said from the beginning that this was a loser and they have yet to make a dime. It's like a Multi-Level Marketing Scheme, the only people making money are the ones at the top. It’s no wonder the COO left before the house of cards comes falling down.
  • Karma
    You guys voted for Daniels and Bush for two terms - now you get to reep what you sew. Its not coincidence that theres been non-stop corporate fraud in Indiana the past 8 years. Daniels got his daughter a job at Lehman bros AFTER they collapsed and fired everyone. But he gets away cause IBJ is in his pocket. We get a story when Tim Durham sneezes but nothing when elected officials magically loses 500 million in tax revenue, its no big deal


  • Duh
    Who cares about the business model - the entire concept is decades late. Google, Yelp, and Yahoo dominate the market. Anyone who invested in the first IPO is a fool. Anyone who buys NOW is completely insane. Might as well buy Fair Finance stock!
  • How Did People Buy Into This?
    Our company is losing money hand over fist year after year and we have an outdated business model that has no chance of succeeding.

    HERE! BUY OUR STOCK! We promise to make your money disappear into advertising and our pockets.
  • Excellent Short
    I shorted this stock from the start, and recently shorted it again when it went over $16.00, and now this wonderful news. The business model is terrible and the millions being wasted on television advertising is a joke. Remember the names of every member of the Board of Directors, because they have failed to take control of this failure.
  • stupid
    good mabey another pointless waste of money will go bankrupt!!!! more stupidness this country needs!!!
  • Angie's List: A Pump To Short Before The Dump
    Short Sellers and Company Insiders Foresee A Huge Stock Price Decline

    Angie's List: A Pump To Short Before The Dump

    http://seekingalpha.com/article/510171-angie-s-list-a-pump-to-short-before-the-dump
  • RED FLAGS EVERYWHERE
    Insiders are dumping $65 million of personal stock, NOT $10 million.

    Only $10 million of the offering is going to corporate purposes.
  • Well Thats Kind of Sneaky
    Angie List insiders are dumping $10 million of their personal stock by disguising it as $75 million of proceeds going to corporate marketing?

    If you read the SEC filing, all of the proceeds go into insider pockets and dilute current shareholders market value.

    http://www.forbes.com/sites/ericsavitz/2012/05/01/angies-list-insiders-plan-big-stock-sales-in-offering/

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  1. By Mr. Lee's own admission, he basically ran pro-bono ads on the billboard. Paying advertisers didn't want ads on a controversial, ugly billboard that turned off customers. At least one of Mr. Lee's free advertisers dropped out early because they found that Mr. Lee's advertising was having negative impact. So Mr. Lee is disingenous to say the city now owes him for lost revenue. Mr. Lee quickly realized his monstrosity had a dim future and is trying to get the city to bail him out. And that's why the billboard came down so quickly.

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