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Technology Stocks : PMC-Sierra (PMCS)
PMCS 11.650.0%Jan 25 4:00 PM EST
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To: Trader Dave who wrote (2967)11/10/1999 3:07:00 PM
From: Thomas DeGagne  Read Replies (1) of 3818
 
Back with the answer! From their SEC filing for the 2nd quarter:

"During the quarter ended June 27, 1999, a Company's investee, Sierra Wireless
Inc. ("Sierra Wireless"), completed an initial public offering ("IPO") in
Canada. As part of this IPO, the Company's investment in non-voting preferred
shares of Sierra Wireless were exchanged for 5.1 million common shares of Sierra
Wireless, of which 1.7 million shares were sold as part of the offering for a
pre-tax gain of approximately $14.5 million.

Immediately subsequent to the IPO, the Company held 3.4 million common shares of
Sierra Wireless, representing approximately 24% of Sierra Wireless' securities.
Accordingly, commencing in the third quarter of 1999, the Company will begin
accounting for its investment in Sierra Wireless under the equity method of
accounting. The common shares of Sierra Wireless held by the Company are subject
to certain resale restrictions and are not available for sale during 1999."
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