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Non-Tech : Ashton Technology (ASTN)

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To: M.R. Davis who wrote (1103)	5/19/1999 2:23:00 AM
From: mst2000	of 4443

Mark - My current view is that they won't call the warrants unless they need $$$ and there is no alternative source. Right now, I do not think they are desperate for cash, they've got more preferred shares to put, private placements can be made at much more than $5.85 per share, and (get this) VTS revenues are coming any day now. And any convertible preferred stock put today would convert into common for almost $10 per share (80% of 5 day average, I believe) whereas a warrant brings in $5.85 per share. My understanding is that ATG's Board of Directors met last Friday, and there has been no announcement of a call to my knowledge -- that suggests that the Board did not vote to call them on Friday. I guess a confirming call to the company would be appropriate. 3-4 weeks ago, I thought a call was likely - but with the stock price stable between 10-12 (11-12 really), the economics of the decision have changed. Hope that helps. MST

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