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Technology Stocks : Safeguard Scientifics SFE
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To: William R. Polk who wrote (1259)3/21/1998 3:48:00 AM
From: ncs  Read Replies (2) of 4467
 
Yeah, but if the notes are converted, you eliminate the debt from the balance sheet. BTW, the outstanding notes, at the end of 1996 was 90.800MM which would convert into 3,132,654 shares of SFE.

That gets into the question of utilizing all non-investment assets and libilities into the NAV number. A quick glance at last year's annual report indicates that total assets, less investments exceeded total liabilities by 34.167MM, or about $1 for share. Of course this was offset by 30MM in goodwill. Thus at the present time we are pretty close just counting the outstanding investments in the NAV; however, if the debt were converted, the assets would then be equal to in excess of $100MM over the liabilities and therefore would need to be considered.

When's 1997's Annual Report coming out?

Neil
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