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Politics : High Tolerance Plasticity

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To: kodiak_bull who wrote (3393)	4/16/2001 4:16:11 PM
From: Tommaso	Read Replies (1) of 23153

The hard copy is a lot easier to study, I found, of the SMOP/PEX merger. You can write and figure in the margins. The return could be somewhat higher, of course, if only PEX will jump a little. There's still about three weeks to go till the formal vote. And PEX, with a P/E of about 7, hasn't gone anywhere for the last six month. It's hard to see any problems with this, though the acceptance of PEX stock does create a taxable event. My guess is that PEX will issue as much stock as anyone wants, though it is not obliged to do so beyond the limit set in the merger. I don't understand why they have not been buying more of the SMOP all along unless they were planning to issue as much stock as possible to conserve cash.

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