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Biotech / Medical : Techniclone (TCLN)

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To: shero who wrote (2813)	12/19/1998 5:53:00 PM
From: Maurice Winn	Read Replies (1) of 3702

It was a private placement, offered by email, which the guy who offered it [I think Rudy] asked to be kept confidential, which surprised me. Why shouldn't shareholders know that shares in their company are being offered and under what terms? The offers should be in the Web page in case others wish to bid! Yes, I've participated in various rights offerings as a share buyer. But never organized one. For all I know, the cost of organizing a rights offering and the risk of failure can exceed the cost of discounting a private placement to achieve the same income to the company for the same number of shares. E Gorbett Frost suggested as much if I remember rightly. Maybe that is true, but it is still annoying for shareholders to have their company sold out from under them. Maurice

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