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Technology Stocks : Cayenne Software (CAYN)
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To: Jay Hartzok who wrote (1070)8/28/1998 8:51:00 PM
From: stock talk  Read Replies (3) of 1096
 
The best advice I can give is to vote NO to the buy out offer. These are my reasons.

Price offered is 0.23 to 0.37 subject to reduction by the amount of any interim financing provided to Cayenne based Sterling Software's credit support prior to closing the transaction and Sterling Software has agreed to provide credit support for Cayenne, allowing Cayenne to borrow up to $3 million for working capital requirements until the closing of the transaction. Any amount that Cayenne is required to borrow under this arrangement will be deducted from the amount payable to common stockholders.(In simple terms, Cayenne's cash position is extremely poor and Cayenne will likely require additional financing to carry it to the closing date.

Which means in simple terms all perks and bonuses and golden handshakes plus any and everything you always wanted to buy but couldn't afford will be bought. Who and why would any cayn management have any interest in holding down cost now?? So I think a good guess that they will go thru the 3 million and then some, if so lower the 0.23 to what 0.10??

<2.How much will Cayenne need to borrow?

A) It is difficult to predict because the major factor determining the amount of borrowing required is the length of time that it takes to close the transaction. This is dependent on a number of things, including the speed with which stockholders vote their proxies and the length of time that the transaction takes to clear the SEC. If everything goes very well and a sufficient number of votes are received quickly, the transaction could close early in October.>

Very simply what they are saying is let us just steal your company and if you don't any costs will come out of your share. I can assure you there are some large funds invested here that just won't roll over. So it almost a certainty that this thing will take long and cost more than cayn is saying. Which leads me to my point if I am to lose 85% of my investment to make someone else rich, I rather gamble the other 15% on a better deal or at the least see that the mismanagement and lies are not rewarded with large golden handshare. If I'm going to leave poorer I like to see management in the same boat. Somebody help out I can't remember the last time I saw management try to sell a company for LESS than the company stock was trading.

cayennesoft.com
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