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Non-Tech : NovaCare Employee Services (NASDAQ:NCES)
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To: Impristine who wrote (286)3/9/1999 5:13:00 PM
From: Dave  Read Replies (3) of 376
 
Impristine,

Are you referring to NovaCare (NOV) or NovaCare Employee Services (NCES)? Big difference.

For those who are interested, I called investor relations today and was told the following. Apparently on March 2, Jerry Anderson of Janney Montgomery Scott issued a company update on NCES which indicated that NOV might be willing to sell their shares of NCES to raise cash for $175MM in convertable debentures which are due on Jan 15, 2000.

The woman in investor relations stated that they (NOV? NCES? - should have clarified) would indeed be willing to listen to potential buyers if the price was right and indicated to me that the scenario raised above is not out of the question.

According to the report from Jerry Anderson, NOV has consistently responded that the option of selling their shares of NCES is not the first choice due to tax consequences. His 12 month target continues to be $12 and the rating is maintained as a "buy".

Investor relations sent me the report. If anyone wants a copy, they can PM me with a fax # and I will send it. Otherwise, investor relations can be reached at 1-800-331-8840 x7271. If you want to speak with Jerry Anderson, his # is listed on the report as 215-665-6537.

It will be interesting to see what the future holds...either way, NCES is fundamentally growing their 3rd party business and is one of the few PEOs that is doing well these days.

Dave
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