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Technology Stocks : The New QLogic (ANCR)

QLGC 16.07

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Aug 24 5:00 PM EST

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To: Greg Hull who wrote (19396)	11/18/1998 10:44:00 PM
From: Greg Hull	Read Replies (2) of 29386

Update on preferred stock conversions: I had a brief conversation with Cal Nelson today. There are 470 preferred shares ($4.7M) outstanding as of 11/17/98. He did not have the details on how many were Series B shares, but 2 weeks ago there 20 shares outstanding. On 10/30/98 there were 19,700,604 common shares outstanding. I estimate that as of 11/17/98 there are 21.7M shares. The remaining 470 preferred shares will convert into approximately 6000 common shares each for the rest of November, and then at about 4500 shares for the month of December. Total shares outstanding at the end of conversion is now looking to be 24-24.5M shares. This month we have seen an increase in the shares outstanding of 10% and a share price increase of 88%. I think we can consider the preferred shareholder threat to be a thing of the past. Here's to 25% increases every day for the rest of the month! Greg P.S. Craig, we haven't heard from you in a while; I hope you are merely enjoying "a life".

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