Ubarter.com; The next big e-commerce leader Message Board

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Technology Stocks : Ubarter.com; The next big e-commerce leader

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To: Shawn Olesen who wrote (72)	1/23/2000 5:51:00 PM
From: Gabe Heti	of 77

The other consideration is the expected price of SPNW when the SEC finally approves the deal. We are not being paid so much per share, but rather giving up so many shares of UBTR for each share of SPNW. According to the SEC document filed wrt to the sale the price of SPNW is based on the average of the last 10 days trading prior to the signing of the "definitive agreement" (due any day) or $20 whichever is less. As of today the average price is around $19. So assuming as you have indicated that a UBTR shares is priced at $5.50 and SMTP at $19, we will give up 19/5.5 or 3.5 shares of UBTR per share of SPNW. If SPNW end up at $30 bucks when the sale goes through, we'll make a bundle. If it falls to $12, we will lose. Perhaps the arbs expect SPNW to fall in the next two months. Gabe

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