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Technology Stocks : GateField (GATE)
GATE 36.05-1.3%Apr 1 12:00 PM EST
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To: jm who wrote (3679)5/26/1999 12:41:00 PM
From: easytarget  Read Replies (2) of 4005
 
JM

I think the reason Actel took so long to come up with the $8m can be inferred from the structure of the deal.

Actel can convert this loan to C-1 preferred shares convertible to 12+ million common shares. If the vote on June 7 doesn't pass either proposal 4 or proposal 5, then there won't be 12 million shares available for the conversion.

I think you'll find that GATE had to wait until they had enough votes in to assure that at least one of the proposals (reverse split or increase in authorized shares) would pass before they could consummate this deal with Actel.

EZ
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