John , below you will find comparison chart for
ALAO, ALA, JDSU, GLW and NT.
Shortly after IPO, ALAO has been trading around ALA level , and then went down following JDSU, GLW.
Original IPO price was babout 6 $ USA higher then ALA and was
considered by analysts to be cheap. However market conditions forced ALA to accept rather low range of IPO price.
Most of volume takes place in Paris.
In quite day it will be 40-80k, when optical companies are doing well in US it will be 200-400k.
ALAO has about 100 millions shares of which 80% is won by ALA and only 20 millions are public, most was grab by institutions.
ALA indicated that want to make acquisitions in optical components space using ALAO shares, however they will issue
part of shares own by Alcatel rather then issuing new ALAO shares.
For some time they want to have controlling stake(optical components are to important to give away control).
Even NT, who indicated IPO of its own component unit indicated that they want to keep control.
In mu opinion ALAO should outpermorm ALA, assuming that JDSU
will recover its losses, related to percepion, market and arbitrage(merger).
Zbyslaw |
