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Technology Stocks : PRMO - Premenos
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To: Michael Burry who wrote (144)4/2/1997 3:34:00 PM
From: jeff conn   of 240
 
I agree with your analysis of PRMO's options regarding its cash.
However, I don't believe PRMO is repurchasing 1 million shares of its stock to deter a hostile take-over. Given, that the already own over 50% of the stock, I don't think increasing their holdings by 8% is that significant to preventing a take-over. IMO, with the stock down almost 50% in such a short time, I still can't grasp how this stock can be trading at cash value, and now the earnings slip the company had to show some confidence and support for wall street. Speaking of a take-over, I was concerned with your price target of below $7 per share. I would think PRMO(10.9M shares) with its cash holdings (55M), revenue (45M) and potential would easily require a double-didget bid. Though, the real mystery is if there is any truth to these take-over rumors.
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