SFNB, Security First Net. Bank Message Board

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Technology Stocks : SFNB, Security First Net. Bank

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To: Robert Pope who wrote (437)	6/29/1998 12:48:00 PM
From: Oeconomicus	Read Replies (1) of 507

Which part of the business was sold to Royal Bank and which was still retained? Only the bank itself is being sold, leaving Security First Technologies as a software and services business and freeing up the capital that has been tied up in the bank. I think the deal was expected to close during the summer, but I don't know exactly when. As for Royal Bank's options holding the price back, as far as I know, they have not registered the shares covered by those options, so Royal would have to wait a year to sell anyway, even if they exercised today. BTW, on average, their options are not yet in the money, though this morning's high did touch the average exercise price. In any case, since they have 21 months from closing to exercise, there wouldn't be much incentive for them to exercise now even if they were in the money. Note also that for them to be a dollar or more in the money, the stock would need to break out of its more than 18 month trading range where it failed around $14 in January and August '97 as well as March '98. Here's to breaking it this time! Bob

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