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Technology Stocks : The New QLogic (ANCR)

QLGC 16.07

0.0%

Aug 24 5:00 PM EST

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To: Craig Stevenson who wrote (19681)	12/11/1998 4:00:00 PM
From: Greg Hull	Read Replies (1) of 29386

Craig, I know that at least a few million readers of this thread are eager for a resumption of the preferred stock conversion conversation. We've just gone too long without whipping the old gelding, and it's time to make amends. Steve Snyder reported today that there is $2.3M (230 shares) of preferred stock outstanding, with the common stock at 23.1M shares. As I'm sure you are aware, the bargain prices of October have fallen out of the conversion price calculation, and all applicable prices exceed $2. As a consequence further dilution is greatly reduced. Each preferred share will now convert to <4100 common shares, therefore the 230 preferred shares will convert into <950K common shares. The total shares outstanding when conversion is complete will be very close to 24M shares. In the last six weeks more than 3M new shares have been issued yet the price has doubled. Another puny 950K shouldn't deter the rising price too much. Bring on the announcements! Greg P.S. Think the short position has decreased much since 11/13/98?

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