To All:
Does anyone know if there is any price support from the underwriters under the new shares issued? Price is trading below offering price of 47. Seems as if there's not much enthusiasm with dilution, ahead of earnings anouncements and in the wake of warnings for other tech stocks.
Regards,
Twombat
<<SAN JOSE, Calif., Oct. 1 /PRNewswire/ -- Flextronics International Ltd.(Nasdaq: FLEXF), a global full-service supplier of innovative design,engineering and electronics manufacturing solutions, today announced that it priced its public offering of 1,900,000 newly issued Ordinary Shares at $47.00 per share. This represents an increase from 1,750,000 shares previously announced. Closing of the offering is scheduled for October 6, 1997. The Company has also granted the underwriters of the offering an over-allotment option to purchase up to 285,000 additional Ordinary Shares on the same terms
and conditions.
The net proceeds to the Company from the offering will be $83.2 million, excluding any proceeds from the sale of shares subject to the over-allotment option. The net proceeds of the offering will be used by the Company to repay amounts borrowed under its credit facilities.
The lead manager for the offering is Montgomery Securities, with Cowen & Company and UBS Securities acting as co-managers.>>
(PS - Then again volume is up over 1MM shrs again and the market is down overall) |
