We must have gone to Edgar at the same time. The 10K does show the debt reduced by the 100M you mentioned.
There's also an 8K dated in April which states, in part,
MEMC ANNOUNCES CLOSING OF RIGHTS OFFERING
St. Peters, MO, April 19, 1999 - MEMC Electronic Materials, Inc. (NYSE: WFR) today announced the closing of its rights offering. As a result of this transaction, MEMC raised $94 million in equity capital. An additional $106 million was raised in a private placement to VEBA Zweite Verwaltungsgesellschaft mbH (VEBA Zweite) which closed on March 22, 1999, bringing the total in connection with the rights offering and private placement to $200 million.
VEBA Zweite purchased those shares not subscribed for in the rights offering by the other shareholders. As a result of this transaction and the private placement, VEBA Corporation and VEBA Zweite, the Company's majority stockholder group, increased their ownership to 71.8% of MEMC's common shares outstanding.
To me, this seems to indicate that there's probably an extra $94M worth of assets or reduction in liabilities on today's balance sheet.
So, they're a little better than the 10K shows. ... and business should pick up if you can believe the SIA forecast.
FWIW,
Ian. |
