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Microcap & Penny Stocks : VNIN - Next Hot Internet Stock?
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To: micky who wrote ()10/16/1998 3:19:00 PM
From: mijbe  Read Replies (2) of 32
 
Hello out there. We are humble average investors, living offshore. We have been contacted by someone who claims to be making a "private placement" of Valence9 shares in order to assist Valence9 in the purchase of a UK based PLC called Image. They are offering these supposedly unrestricted shares at a 20% discount to the NASDAQ quoted price for VNIN (roughly 3.75). In this "investment program", the company places blocks of freely tradeing stock at a discount to the market price and expects co-investors to be in for the ride and exit at the appropriate moment and place...a letter from the company describes it as follows:

Deatils (of Valence9) can be viewed at valence9.com. The website provides much an investor needs to know about the company, products, management and future strategy. The company is in the process of an agreed take over of a UK based PLC called image. Details of this are on its website and which will be announced via normal channels in the next two weeks after the completion of this placement. This is the first of four acquisitions planned this year. After the first acquisition announcement, the share price is expected to reach the US$6-7 range, facilitating further acquisitions. Retail interest thereafter should further enhance the price, and as part of the strategy outlined above, an institutional exit will be achieved as the required investor grade profile for the stock is reached. This process should take 3-4 months from here. The present price of the stock is 3.75 and the Company can offer stock on a selected basis at a 20% discount to the market (this is the maximum legal discount that can be given on already quoted shares). An exit of between US12-14 is anticipated. Stock is offered in this and other companies to enable (the company) to fulfill its funding commitments to the newly listed company.

Because, and only because, this information was provided to us by an old friend, we are interested in finding out whether or not this is a legitimate investment vehicle. Any comments would be useful!!!

Mijbe
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