Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: jim_p who wrote (82538)	12/24/2000 1:09:30 PM
From: Ed Ajootian	Read Replies (1) of 95453

Jim_p, SMOP+PEX --- Hate to throw water on the parade here but it would seem likely that the SMOP shareholders that got stock from the bankruptcy will be looking to cash out here. Since they all can't (at least half of the consideration overall must be PEX stock), then some will get PEX stock. My bet would be that these blokes would dump this stock as soon as they got it --- probably even before (i.e., by shorting PEX). Of course, if it never opens for trading (nevermind upticking) then I guess they won't be able to short it! I saw the PR before the market closed but did not have the guts to pull the trigger before seeing more details on how the merger consideration is being figured. Also, when you say that the SMOP warrants will be converted into PEX warrants are you just speculating about this or do you know this for a fact? I would think a more likely result is that the warrants will cancel @ the merger date. The merger consideration is $4.71/share and the warrant strike price is $4.21/share. PEX will likely just give every warrant holder their $.50 and tell them to go away. Jim_p, thanks also for the fine commentary here and your data. A Merry Christmas to all!

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