- 10 -
1990 54,666,000 5,716,000
Thus, total assets and shareholder's equity increased each
year during the 5 years preceding decedent's death; total assets
increased on average by approximately 6.20 percent per annum and
shareholder's equity by 9.94 percent per annum.
5. Ownership
At the date of valuation, the shares of Willits stock were
distributed among 48 shareholders as follows:
Shareholder No. of Shares Percentage
Estate of Frank A. Branson 500 6.25
Charles B. Mannon 2,441 30.51
Everett & Martha Coe 1,414 17.68
Others1 3,645 45.56
Total 8,000 100.00
1Of the shares held by others, 19.9 percent are owned by two
out-of-State shareholders and the balance by local residents who
own very small percentages.
6. Sales of Willits Stock
Historically, very few Willits shares have been traded each
year. A total of 1,062 shares changed hands in 22 transactions
from February 1980 until the valuation date. No shares were sold
during 1987 or for more than 4 years after April 1988. Most of
the sales were by Willits board members either to Willits
employees, board members, or directors, or to induce qualified
persons to become board members or officers. For instance, in
1980 a total of 64 shares was traded in four sales, 60 of those
shares were sold as qualifying shares by a board member to three
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