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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Larry Brubaker who wrote (13394)7/25/1999 9:32:00 AM
From: Zeev Hed  Read Replies (1) of 27311
 
**OT** Larry, if ANCR's SAN systems work, and so far all I heard are just "good things", then SUN has a huge incentive to buy these systems from ANCR, this incentive is in the form of warrants to buy ANCR shares at around $7/share (about 1.5 MM shares if SUN buy the whole $100 MM I believe), that in essence gives SUN a discount of about 30% to 35% at the current price ($30/share) of ANCR's shares. The down side of this, however, is the creation of a supply of shares if SUN decides to actualize these savings by selling the shares granted. However, with the volume of trading in ANCR recently I do not think that this new supply of 1.5 MM shares over th next one to three years will be too material.

Zeev
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