The Thread Formerly Known as No Rest For The Wicked Message Board

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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked

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To: Tim Luke who wrote (39258)	5/12/1999 4:28:00 PM
From: MrThesp	of 90042

PLA: Man this stinks... This news was released toward the end of the day (bold type is mine). At the same time this afternoon ING Barings issued a “Strong Buy” recommendation. Funny that at the open today there was a single block trade of 1,218,800 shares. PLA has a 65 day average of 94k shares/day. This doesn't qualify as Insider Trading? Creeps... ************************* NEW YORK, May 12 (Reuters) - Playboy Enterprises Inc. on Wednesday said it would sell 2.5 million shares in a public offering for $30 per share. The Chicago-based publishing and entertainment company said 2 million of the shares of common stock being sold were from a trust established by Playboy founder Hugh Hefner. The other 500,000 shares on offer are newly issued Class B common stock. At the end of the first quarter, Playboy had 21 million basic shares outstanding and about 21.7 million shares on a diluted basis. Announcing the $30-per-share price, Playboy Chairman and Chief Executive Christie Hefner said Credit Suisse First Boston Corp. would act as lead manager of the offering, with ING Baring Firman Selz LLC. At the annual stockholders meeting in New York Wednesday, a spokeswoman said Playboy would not use the proceeds to pay off debt, but rather reinvest the money in the company's growth areas, which include online and gaming operations in addition to TV and video programming and catalogue sales.

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