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 (82591)	12/26/2000 10:19:26 AM
From: Ed Ajootian	Read Replies (3) of 95453

Jim_p, SMOP+PEX: Thanks for the explanation. It is mindboggling to me that the bondholders are happy to take an illiquid stock as payment for their investment. Usually those types aren't comfortable with that sort of stuff. Looked at the Warrant Agreement (its attached to the latest 10Q) and I see where it mentions that these things survive a merger. This is a material aspect of this merger that should have been mentioned in the PR, IMO. The post-merger entity will have about 4 M more dilutive securities out than folks were led to believe, just from reading the PR. Today's XNG action is unbelievable so far, up 7% (equivalent to 175 Nasdaq points) in the first 45 minutes of trading. Maybe there is some window dressing going on here.

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