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Technology Stocks : Intersolv News
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To: Arrow Hd. who wrote (938)6/30/1998 2:16:00 PM
From: Ian Burton   of 1069
 
Arrow Hd. - Post split it is MicroFocus 2p Ordinaries that trade on the London market. The ADR's are valued at 5 times the 2p Ords. (May have confused you by my earlier post - the split gave an additional 4 for each 1 held).

It is possible for the market-makers to swap ADR's and 2p Ords in the above ratio and ship them back and forth across the pond to cater for differences in UK/US demand for the stock.

They do this however with a great deal of reluctance since they have to pay a sort of import tax (at 1.5% I believe) when they import ADR's into the UK. Don't know the tax implications, if any, of importing ords. into the US and converting into ADR's.

Thanks for your take on the DEC/Compaq deal announced this morning. I left DEC when the share price stood at $198 - so I can relate to the brief point of history you made.

If you find any estimates of the ISLI business from this deal - would appreciate a post.

ISLI down 3.76% as I type on 351K vol. Gap with MIFGY at 14%.
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