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Biotech / Medical : Sepracor-Looks very promising
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To: David Howe who wrote (2062)3/22/1999 1:08:00 AM
From: RCMac  Read Replies (1) of 10280
 
David,

SEPR's fully-diluted share number is above 42.3 million, calculated as follows:

As of 9/30/98 SEPR had 28.32 million shares (per SEPR Q3 report).

In addition, there are or will be:

4.11 million shares for $80.9 million convertible debentures, convertible at $19.68/share (converted 11/98)
4.0 million shares for $189.5 million convertible debentures, convertible at $47.369/share
2.4 million shares for $300 million convertible debentures, (issued 12/98) convertible at $124.875/share
3.49 million employee stock options (average strike price $13.19!!)

This adds up to 42.3 million shares, not counting stock options issued since 12/31/97. To account for additional employee option shares, I usually use 43 or 44 million shares in my own back-of-the-envelope calculations of SEPR's future value.

(The convertible debenture and stock option numbers are from the SEPR 1997 Annual Report, fns. L and P, pp. 35, 37.)

-- RCM

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