SEXI: Mostly Fact, A Little Fiction, Not Vicious Attacks Message Board

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Microcap & Penny Stocks : SEXI: Mostly Fact, A Little Fiction, Not Vicious Attacks

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To: Sedona Oracle who wrote (3198)	10/9/1996 8:41:00 PM
From: Sedona Oracle	of 13351

To All: News release from SEC (not specific to SEI) follows: DTN NEWS 06 10/09/96 (AP) - The Securities and Exchange Commission Wednesday acted to eliminate abuses in offshore stock sales. By a 4-0 vote, the SEC agreed to require any company selling stock under so-called Regulation S to inform investors within 15 days of such a sale. Regulation S refers to a 1990 rule that lets U.S. companies sell stock overseas without registering the shares with the SEC. Buyers can resell the shares back in American markets 40 days after the initial sale. Regulators have accused some companies of using the rule to evade U.S. securities laws by selling stock to offshore funds, which then resell the shares in the American market after the waiting period elapses. The SEC also modified requirements for financial statements of takeover targets in smaller mergers. The SEC requires companies to provide audited financial statements of takeover targets when the acquisition is greater than 10% of the company making the bid. Now that rule will apply only to large takeovers or deals greater than 50 percent of the acquiring company. (1300) Too bad SEC didn't take these kinds of actions a little sooner - like a couple months ago!! SEDONA John (beginning to recompose myself)

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