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Gold/Mining/Energy : Mainframe Entertainment (ReBoot/Beasties)
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To: Grislee bear who wrote (409)3/5/1999 9:34:00 AM
From: The Small Caps Speculator  Read Replies (1) of 459
 
Grizz,

The following press release seems to shed some light on why the
share price declined. One thing that doesn't add up is how does
$16 million constitute 15% of a company that currently has a market
cap of around $40 million (I think).

Press Release:

Mainframe Entertainment Inc MFE
Shares issued 14,148,182 Mar 4 close $2.20
Fri 5 Mar 99 In the News
Also Imax Corp (IMX)
The Vancouver Sun reports in its Friday edition that after more than six
months in negotiations, Toronto-based Imax, the leader in giant-screen,
large format films, disclosed plans this week to become the largest
shareholder in Mainframe Entertainment, the Vancouver computer-animation
company best known for its television series ReBoot. Showbiz reporter
Joanne Morgan says the Imax deal will relieve Mainframe's huge overhead.
Mainframe's share price fell 25 cents to $2.20 since the news. Mainframe
chief financial officer Brett Gannon says the decline was expected because
the investment community had anticipated a takeover by Imax rather than an
investment, given the protracted nature of the negotiations. He asserts
that takeover speculation drew short term investors who are now unloading
the stock. Mr. Gannon says that Mainframe's relationship with Imax has been
evolutionary. The Imax pact includes a commitment for production of three
movies.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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