But management still owns 30 percent of the stock after the offering.

Macmillan's top management would have owned 39 percent of the information company.

"We also like companies where management owns a substantial stake," he added.

Its management owns 18.5 percent of the stock, a company spokesman said.

Owens did not say how much stock its management could eventually own.

He also likes companies in which management owns at least a 10 percent stake.

The company's management owns about 13 percent of the stock.

The management and directors of National, as a group, owned less than 5% of the outstanding shares.

The company's top management owned 7.6%, 30.2% was in free float.

The company produces steady cash flow, he added, and management owns the majority of the voting stock.