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Technology Stocks : HDWR: Headwaters (alternative energy)
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To: Feraldo who started this subject3/15/2003 7:11:16 PM
From: MKTBUZZ  Read Replies (1) of 26
 
From fossil@yahoogroups.com:

I have just returned from a rather sedate Annual Meeting. EPS
estimates for FY '03 were reaffirmed. IMHO the most interesting
information uttered by Mr. Benson was re: the shelf offering. The
CEO's training as an attorney was on display as he carefully crafted
his response to a query relative to the shelf's potential utility.
Reading between the lines, I believe HDWR will employ the shelf to
retire the high coupon $20 million of sub debt within the next few
months (HDWR has already paid down $15m of the senior and their goal
is to reach a debt/EBITDA ratio of 1.85:1). He indicated that he
believes this can be done without dilution to the existing
shareholders. Would someone care to opine on how this might be
accomlished?

Again IMO, the next most interesting piece of information was an
allusion by Mr. Benson to the strong likelihood that a technology
commercialization agreement may be signed in the near term with
a "very large" company. Perhaps this was the catalyst (pardon the
pun) for the realignment of HTI announced today.

Mr. Benson responded to a question about the AJG litigation by
saying he believed the case would either be adjudicated or settled
within the next twelve months. Only one question about ISG and the
response was that Q1 would not be a suprise either way.

Lastly, all three proposals passed.
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