MEMC INT'L. (WFR -NYSE) The Sleeping Giant? Message Board

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Technology Stocks : MEMC INT'L. (WFR -NYSE) The Sleeping Giant?

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To: Bruce A. Thompson who wrote (3961)	10/22/1998 11:52:00 AM
From: Zeev Hed	Read Replies (4) of 4697

Bruce, I just finished perusing the S-3. Anytime a company is forced to issue equity below book value and drastically below "replacement value" (which I estimate at about $9 and $15 respectively), it means that they are seeing hard times ahead. I think that you may read between the line that VEBA is getting tougher and will no longer advance just debt. As a matter of fact, If I read correctly part of the additional $200 MM raised in new equity will be used to repay part of the about $800 MM owed to Veba. Could it be that Veba is losing patience? As for the stock, if it holds 6, it might be a good reentry point, but if it breaks through that level, we may drift down back to retest the low 3' again. Just from reading the chart, nothing else. Zeev

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