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Technology Stocks : MEMC INT'L. (WFR -NYSE) The Sleeping Giant?
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To: j. w. kampfe who wrote (3957)10/22/1998 10:23:00 AM
From: Carl R.   of 4697
 
Here is a quick read. They have already sold stock to VEBA to raise money. They are distributing rights to purchase additional stock, but as of the filing the exercise price and expiration date are not listed. The rights will trade separately until expiration, and will be much like a call. VEBA has agreed to purchase any shares not purchased by exercise of the rights. Looks like a positive deal to me. The company gets additional equity, but has dilution. Book value is reduced somewhat, but interest expense and losses are reduced as well. VEBA is once again demonstrating that they will not allow the company to fail.

Carl
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