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Technology Stocks : Open Text
OTEX 33.67-1.8%Nov 14 9:30 AM EST
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To: JF Quinnelly who wrote (356)2/8/1997 10:07:00 PM
From: White Shoes   of 1195
 
JF, 'THE OPTION EXCHANGE PROGRAMME' IS PRECISELY WHAT YOU SAY: THE 1995 OPTION PROGRAM (OLD OPTIONS) ARE BEING CONVERTED TO THE NEW LOWER STRIKE PRICE...AND IT IS ONE HELL OF A LOT OF OPTIONS. Hence their old options are not expiring worthless, they are getting a second chance at $4 and change. At today's prices then they are being handed , in effect, $4 X number of options in cash. There is still, of course, plenty of incentive to see the price go higher under such a plan.

There are also some new options being issued at $6.875 and I have no problem with this.
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