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Biotech / Medical : Virus Research

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To: Scott Ozer who wrote (4)	5/18/1998 11:27:00 AM
From: charles moore	Read Replies (1) of 10

Correct me if I am wrong on this but TCEL will give 1.55 shares for each share of VRII and .2 warrants to buy a share at 6 of the new company AVANT. I take this to mean that if I have or buy 600 shares of VRII I will end up with 933 shares of the new company AVANT(1.55 X 600) and 120 warrants(600 X .2). For 600 shares of VRII I would spend about $2400.00 right now(4 X 600) to end up with the above but for 933 shares of TCEL since it is on a 1:1 basis it would cost me about $2800.00 or about $400.00 more and I would get no warrants. Charles

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