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Technology Stocks : Energy Conversion Devices
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To: Allen Bucholski who wrote (7642)4/17/2004 1:28:32 AM
From: jacq  Read Replies (1) of 8393
 
Al thanks for your post it spurred me to investigate these shareholdings. First I would like to mention that if anything it would have been Fidelity owning 10% of ECD and not ECD being 10% of Fidelities' holdings. If it were 10% of their holdings their wouldn't be any ECD float. Fidelity owns 1.4 million shares plus a large quantity of warrants. Fidelity and two other mutual fund cos. bought 2.7 million units of ECD in November or December of 2003. These units were one share plus one warrant to purchase stock at a higher price. I think about $15. for the warrant stock. The article says between $37 and $42 million additional. This money was used to fund the buyout of three partners and for working capital. Depending upon how the terms were structured it is conceivable that they hold 10% but I think that it is unlikely.
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