*AV* -- I did a little more research just now and have been looking at INAP as a new idea. Before printing anything about it, I wanted to make sure I fully understood the following. We knew this was happening and I wanted to see the fallout from it.
Once it bottoms, we might look favorably in its direction. the only reson we might pass up on this is the price. we do try to make our original ideas and entries below $50 but should be able to raise the bar based on prior profit performance. After last year's run and this first quarter's perfromance, we might have a good case for raising the $50 level to $75 as part of our investment discipline.
As you will see below, we have yet to determine the effect of the dilution that could affect the stock price.
InterNAP Announces Partial Lock-Up Release
SEATTLE, March 16 /PRNewswire/ -- InterNAP Network Services (Nasdaq: INAP) today announced that Morgan Stanley Dean
Witter, the lead managing underwriter for InterNAP's initial public offering, will release approximately 22.2 million shares of InterNAP's common stock held by various shareholders from the lock-up restrictions imposed in connection with InterNAP's initial public offering.
These lock-ups were previously set to expire on March 28, 2000. The 22.2 million shares represent approximately 16.7% of the total outstanding shares of InterNAP common stock. The shares related to this partial lock-up release will be available to trade, subject to applicable securities laws, no earlier than March 20, 2000.
InterNAP's executive officers, directors and the selling shareholders in InterNAP's proposed secondary offering of common stock will not be subject to the lock-up release. Shares held by these executive officers, directors and selling shareholders will be subject to a new 90-day lock-up agreement that will go into effect when the secondary offering is declared effective.
Separately, three private equity funds managed by Morgan Stanley Dean Witter Venture Partners, the venture capital affiliate of Morgan Stanley Dean Witter Private Equity, have agreed with InterNAP to vote all shares of InterNAP common stock they own in excess of 9.9% of InterNAP's common stock in proportion to votes cast by all other InterNAP shareholders.
BTW - I just saw Patrick's next post and it appears he was a prophet of sorts. I am doing this real time so I am not sure what the next 20 posts are like. So if I appear to be posting redundant things, I apologize. I am responding as real time as possible<GGG>. |
