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Microcap & Penny Stocks : FRANKLIN TELECOM (FTEL)
FTEL 0.773-7.0%3:59 PM EST
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To: semi-recumbent who wrote (172)10/20/1996 9:40:00 PM
From: Martin P. Smith   of 41046
 
Apart from the fact that DCI cannot IPO a company in which they have NO ownership at the point they try to do the IPO. FTEL have made it quite clear that THEY expect to go ahead with stage 2 and 3 of the financing on their own. Stage 2 calls for $10 million before the IPO this is the capital which FTEL is seeking.

I would not be suprised if FTEL has the right to refuse capital brought forward by DCTC. I say this becuase they could get 5 million from the private placement in which case they would no longer need 10 million from DCTC. Franklin will obviously get as much of the cash themselves as each dollar DCTC brings to the table is 1.2 shares rather than 1.0 shares of FNET.

Martin
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