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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: Lhn5 who wrote (20504)	1/31/1999 1:17:00 AM
From: George Dawson	Read Replies (2) of 29386

Larry, I was equally surprised about the 2% figure, but from the data I have it can be partially accounted for by the dilution alone. For example, the proxy from May 1998 states that as of April there were 11,919,163 shares outstanding and IBM owned 790K. They even include the calculation in the statement showing that this equals 6.6%. Since then we know that the total shares has gone to approximately 20 - 25M. Using this range would lead to 3.1 - 3.95% IBM ownership if you assume they have the same number of shares. Review of the available data shows various estimates of 340K (quiken.com) to 540K (marketguide.com) with the number of institutions holding the stock at 9 - 14 respectively. The combination of the increased number of shares and decreased holdings will get you to 2 - 3%. I think it also implies that IBM sold some stock, but I have no veriification of this. George D.

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