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Technology Stocks : The New QLogic (ANCR)

QLGC 16.07

0.0%

Aug 24 5:00 PM EST

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To: Dean Wilson who wrote (14657)	2/23/1998 11:08:00 PM
From: janski	Read Replies (1) of 29386

Unless I misread it, paragraph 3 following the table listing the subscribers states that the subscribers will get extra 20% in warrants against B shares they still have not converted on March 24th 98. Now, I don't know what percentage is not converted as of yet and would qualify. Assuming it's 50%, the number would be roughly 850 000 shares. 20% of that is an extra 170 000. these numbers assume conversion at 4.86 and not a lower number if the price of common drops below circa 5.60. Then the number of warrants could increase and the conversion ratio of C shares would improve(5.50 - 5.60 coincidence?). The difference between converting at 9 vs 13 is about 850 000 vs 1.2 mil or about 350 000 shares. That's about twice the number of warrants they would be getting. Unless there are other considerations I'm missing looks to me like getting the price as low as possible in short term is in their best interest? Does Ancor have a trump card to stop it or do they care?

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