Dick -- I forgot to mention, other thing that got me thinking that a potential take-over move might be in progress wa the following news just before the recent giant volume jumps:
Lawrence Savings Bank Adopts Stockholder Rights Plan
NORTH ANDOVER, Mass.--Lawrence Savings Bank (NASDAQ-LSBX) announced today that its Board of Directors on Dec. 19, 1996 adopted a stockholder rights plan. Under the terms of the rights plan, one preferred stock purchase right will be distributed as a dividend on each outstanding share of Lawrence Savings Bank common stock held of record as of 5:00 p.m. Dec. 29, 1996.
Generally, stockholder rights plans are designed to enable boards of directors to better protect stockholder interests in the event of an unsolicited attempt to acquire the company. The stockholder rights plan adopted by Lawrence Savings Bank is not aimed at preventing a takeover, but rather at better ensuring that any potential acquiror negotiates with Lawrence Savings Bank's Board of Directors prior to attempting a takeover.
Under the stockholder rights plan, the preferred stock purchase rights generally would be exercisable if a person or group acquires more than 10 percent of Lawrence Savings Bank's outstanding common stock. In such an event, all holders of Lawrence Savings Bank's common stock, other than the 10 percent acquiror, could exercise their rights and purchase common stock at a substantial discount -- approximately one-half market value. Details of the stockholder rights plan and the preferred stock purchase rights issued thereunder are outlined in a letter and related Summary of Rights that will be mailed to holders of common stock.
Lawrence Savings Bank is a state chartered savings bank with assets of approximately $330,288,000 as of Sept. 30, 1996. Headquartered in North Andover, Mass., the bank is a full service financial institution with six banking offices.
CONTACT: Lawrence Savings Bank
Paul A. Miller, 508/725-7555
I'm not sure what it all means.
Phi
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