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Gold/Mining/Energy : Altair Nanotechnologies

ALTI 4.797

+2.5%

Dec 24 12:59 PM EST

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To: Dante Sinferno who wrote (434)	8/30/1998 7:21:00 PM
From: Rajiv	Read Replies (1) of 603

Altair Redeems Convertible Debt Altair finally puts out a PR of some significance. Th redemption clause had a stipulation that Altair has to pay 110% of the unpaid principal amount. Add the 10% premium to the 8% commissions which were paid out when the convertible was issued. And this was done so that Altair would have some money in the bank! I believe that the only reason Altair went for the convertible was that they needed it to boost their balance sheet in order to get onto the Nasdaq National Market. After this redemption, they continue to meet the requirements for continued listing on the Nasdaq. No problems at the front (at least for the time being). From Friday's PR current cash on hand is adequate for near and mid-term corporate needs. From a previous PR Camden is a large scale project with a capital budget in excess of $100,000,000. This shows the commitment to the CJ and the Camden project. The management does not believe it has to manufacture the CJ in greater quantities or spend some serious $$$ on their titanium adventure. They did not comment on the long term corporate needs because Altif will go below $1 and everyone will move on? In the immediate short-term, Altif can go either way. Long term, I still think it will go to < $1. I think that a significant cause for the drop in Altif's price over the last few months was longs bailing out. Note the low short interest (this has declined for 6 consecutive months). Without the convertible, the catalyst for rapid downward moves is gone. The shorts will have to settle for short term volatility and a long-term steady decline. Regards. Rajiv

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