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Technology Stocks : Seagate Technology - Fundamentals
STX 255.88-4.6%Oct 31 9:30 AM EST
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To: Tom Simpson who wrote (1955)11/24/2000 11:38:03 AM
From: Lynn  Read Replies (1) of 1989
 
Dear Tom: You are right: "36% voted against it; 2% by mailing back negative proxies, 34% by just throwing the proxy into a paper recycle bin."

Let me add that the votes against it would have been higher if it weren't for a LARGE number of individual investors who hold shares of SEG, do **not** follow SEG (or, even really know much about SEG), and returned their cards, voting the way management recommended only because this is the way they always vote [with management]. They did not read that telephone directory sized proxy statement. They probably will never realize the implications of their vote.

We people who follow the securities we hold at SI and/or other financial sites are a select group of investors. The majority of investors today do not follow things the way we do. If a stock splits, the split comes as a pleasant surprise when they notice the number of shares they hold has increased when checking a monthly statement. In terms of the SEG/VRTS "deal," the first time some people learned about it was when they received their proxy--and some people will not know until shares of VRTS instead of SEG are listed on the monthly statement [because they pitched without even opening the proxy mailing].

Regards,

Lynn
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