ISS (Internet Security Systems) - Enterprise Security Message Board

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Technology Stocks : ISS (Internet Security Systems) - Enterprise Security

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To: Platter who wrote (51)	1/28/1999 3:33:00 PM
From: HerbertOtto	Read Replies (1) of 94

Secondary Offering The earnings announcement on 1-25-99 included a comment that ISSX will offer 2.0 to 2.5 Mil shares in a Secondary offering. Shares will come both from existing shares to be sold, and from new shares from the company. I have not been able to find any detail on this. How many shares by the company - raising capital? When? What price? The price at the close on 1-25-99 was $63... on 1-26-99 was $67. Another security stock, VRSN had similar revenue increases for last quarter. VRSN announced a mixed Secondary on 1-05-99 early in the day. The initial reaction was a 6-pt sell-off to $54... then recovered to close at $63 1/2. Earnings were released on 1-25, and the Secondary was priced on 1-26 at $80 1/2. VRSN closed 1-26 at 81.50, and surged to $90 on 1-27. Assuming ISSX has good Investment Bankers, the Secondary could be priced at 70+. Any other ideas? Good luck, ISSX longs!

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