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Non-Tech : Parlux (PARL) Fragrances
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To: M Goodson who wrote (148)12/3/1996 9:23:00 PM
From: Wayners   of 527
 
M Goodson

The read I get relates to the 30M share authorization approved overwhelmingly by shareholders. I agree that dilution will not occur anytime during the next 1 or 2 quarters, but why was the number of shares authorized increased to $30M at this time? A 2:1 stock split? <smile> How did management sell the shareholders on the increase in the authorized number of shares? It just seems to me that a dilution could occur or is more likely to occur before the next shareholder's meeting otherwise why not wait until the next shareholder meeting to increase the number of authorized shares? Before such a dilution occurs, management will be trying hard to increase shareholder value--even if it means having Montgomery Securities put out a buy rating on Parlux or puting out additional information about possible sale or merger offers or other such hype.

I did notice an increase in volume today on the lower prices. Somebody is paying attention to book value. With regard to the debt, I hope that potential creditors do not disagree with Parlux's assessment of the value of its assets, expecially its inventories and trade receivables.

Also, like you I trade online. EBroker has been good about forwarding annual reports and the like, but haven't received anything on Parlux. I will call investor relations tomorrow. I am tempted to average down at $3.50 like you, which would bring my basis to $4.29. I understand that you are buying at $3.50 to cover your large short position? Just kidding.

Very Respectfully,

Wayne
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