MEMC INT'L. (WFR -NYSE) The Sleeping Giant? Message Board

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Technology Stocks : MEMC INT'L. (WFR -NYSE) The Sleeping Giant?

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To: SE who wrote (4291)	3/22/1999 7:59:00 PM
From: Zeev Hed	Read Replies (1) of 4697

Scott, VEBA has loaned WFR a lot of money to go through the last two years, right now some of this debt has to be repaid and WFR needs additional money to survive few quarters of possible negative cash flow. They actually needed $200 MM. Well, VEBA could have bought shares outright, but that would have exposed them to claims by ambulance chasers that they "took control" of WFR without giving the public share holders a chance to keep their percentage in the company on exactly the same basis as VEBA. If the public does not exercise its right, , VEBA will be in a position to buy the shares not taken (as well as those people that exercise the rights), this will relieve VEBA from any potential suit by the ambulance chasers. You can buy the shares today ($6.5 /cheaper than through the right, ex commissions, which I doubt comes to $.375/share) cheaper, I doubt many of these rights will be exercised in the next three weeks, and then VEBA will end up having to pony a big chunk of the $95 MM, if they so want. By the way, this will increase the number of shares by about 30 MM shares or 75%. Zeev

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