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Technology Stocks : Safeguard Scientifics SFE
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To: John Arnopp who wrote (1257)3/20/1998 11:05:00 PM
From: William R. Polk  Read Replies (1) of 4467
 
John: I read a post on Yahoo the other day that suggested that SFE was trading much closer to current NAV because of the fact that there are some $91 million in notes which are convertible into common at $28.985. If these were converted it would add approximately 2.6 million shares. I'm not sure at this point whether the # of shares you (we) are using included the dilutive effect of these shares. Do you know? Anyway here is the blurb on the Notes from last year's 10K:

<<In February 1996, Safeguard completed the private placement of $115 million of 6% Convertible Subordinated Notes ("Notes") due February 1, 2006 to J.P. Morgan Securities, Inc. J.P. Morgan resold the Notes to institutional buyers and in offshore transactions. The Notes are convertible into Safeguard Common Stock at $28.985 per share. As of March 1997, approximately $24 million of the Notes had been converted into approximately 832 thousand shares of common stock.>>
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