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Biotech / Medical : Ligand (LGND) Breakout!
LGND 203.80+1.2%11:25 AM EST
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To: Mudcat who wrote (27233)1/6/1999 3:36:00 PM
From: Henry Niman  Read Replies (1) of 32384
 
<<I also have a question for others on the thread. When LGND redeemed the warrants from some investors, where did the shares of LGND common stock come from? Was the number of shares outstanding increased or did LGND set aside these shares at the time the warrants were issued. Bottom line did we see more dilution in the stock by LGND redeeming these shares?>>

Finance isn't my area, but aren't we now talking Investing 101???

I think that LGND set aside the 6.5 million shares. When they issued the 3.25 million shares of ALRIZ on June 3, 1995, they told the printer that by June 3, 2000 they would probably be asking for them to print up the additional 6.5 million shares.

Anyone that has done any due diligence would know that ALRIZ consisted of 1 ALRI and 2 LGNDW which meant that if the LGNDW was exercised by June 3, 2000, there would be an additional 6.5 million shares of LGND outstanding.

Earnings projections that go past June 2000, take into account the extra 6.5 million shares.

Is it dilution, in the sense that by then there will be more shares of LGND - yes. Is this a known and quite quantifiable entity to anyone paying attention - yes. Should this be an issue at this time - no.
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