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 (3972)	10/22/1998 1:35:00 PM
From: Zeev Hed	Read Replies (1) of 4697

Bruce, no, I'll have to reduce this since they may have as many as 60 MM shares, or 50% more. We will have to see at what price the additional shares are issued to know the extent of the dilution. The fact that Veba is losing enthusiasm might also indicate that the recovery might be slower. In the S-3 WFR mentioned that they do not expect to be profitable in any of 1999 quarters, and that is six months behind my schedule. All these indicates ratcheting down of expectations. Of course, if the semi chips gets back on their normal growth rate, WFR could double output without having to add any capacity (that is where the "replacement value" of this company is great, if more wafers are needed in the future). Zeev

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