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Strategies & Market Trends : Steve's Channelling Thread

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To: thecalculator who wrote (26563)	9/7/2001 6:32:38 PM
From: Zeev Hed	Read Replies (1) of 30051

I just read it and it read to me just to be issued until May 2001, the next milestone when that report was written. One of the deals has a floating price with a floor at $12.5 (I think few others might as well, except that the difference, if TSEM shares are under $30 is in form of wafers credits). There are additional payments and milestones which will increase both the BV and number of shares. They have also a commitment to raise an additional $190 MM in equity (over the next three years) to satisfy the $550 MM loan from the banks, that will add shares. Believe me they will be close to their authorized number of shares by the time the fab 2 spits out wafers late in 2002. The grant is only 250 MM and is 20% of "qualified" investments. I did not see there any discussions of required additions to working capital, that will reuire more money (typically 30% of annual sales rate). Zeev

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