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Technology Stocks : The New QLogic (ANCR)

QLGC 16.07

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Aug 24 5:00 PM EST

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To: Greg Hull who wrote (18238)	9/25/1998 4:18:00 PM
From: Kerry Lee	Read Replies (1) of 29386

Clarification on the 15% per month on Series C Reg D holders. The 15% number is CUMULATIVE from the period where they became eligible to convert. If I got my dates right, Series C could start converting starting in June 15 1998. Therefore, as of July 15, 1998 if I were a Series C holder who had $100 of preferred stock, I could convert up to a maximum of $15. IF I chose not to convert any shares in the June 15-July 15 period, then I could theoretically convert up to a maximum of 30% or $30 by August 15/98...EXAMPLES: Series C Holder #1: as of Sept 15/98 converted 45% of Series C stock and has 55% still left to convert. Series C Holder #2: as of Sept 15/98 converted 0% of Series C stock and and could theoretically convert as much as 60% by Oct 15/98 ( Cumulative 45% built up in first 3 months plus 15% in current month ) From what I understand, conversion/sale of the stock usually go hand in hand from a timing perspective, BUT theoretically they can convert at a buck and hang on to the shares indefinitely and/or sell and a later date at a much higher price.The 15% per month stipulation implies that the fastest period to unwind a Series C position is 7 months. EOM.

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