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Technology Stocks : Silicon Valley Group

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To: spiny norman who wrote (459)	5/13/1997 11:57:00 AM
From: David Aegis	of 2946

Spiny--I agree that the biggest problem with SVGI relates to disclosure issues. The IBM royalty relationship was never very clearly explained before SVGI bought IBM out. I'm still very unclear as to why IBM allowed SVGI to buy them out at such a low price. Another example--the 4/22/97 announcement of $25 million in orders for 8000 AVP to two Taiwanese chip manufacturers wherein it was stated that "shipments for the orders began in the fourth quarter of 1996 and will continue throughout 1997." Why wasn't the press release made in 1996 if shipments started back then? Weird. Next item: HAS SVGI added production capacity for Micrascans? Again, this seems unclear. Although substantial cap ex dollars have been spent recently, the company has been coy about where the money is being spent and when the capacity will come on line. Or maybe I missed receiving a key press release on this issue like I missed receiving the announced time and date for their March quarter EPS conference call. Finally, the stock option revaluation leaves a bad taste in my mouth. Nonetheless, I hold a large position in SVGI. Are we wise fools, or just fools for our faith in SVGI???

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