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Technology Stocks : Applied Magnetics Corp -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Nicks who wrote (12294)	8/10/1999 11:01:00 PM
From: TraderGreg	Read Replies (1) \| Respond to of 12298

Yeah, I wonder how much of a discount it will be as well. From the press release today: "The Company proposes to distribute to holders of its outstanding common stock, at no cost, transferable subscription rights (''Rights'') to purchase additional shares of the Company's common stock at a discount to the current market price. Holders of the common stock will receive one Right for each share of common stock held by them as of the close of business on the record date, which will be Aug. 12, 1999, or such later date on or after which the Registration Statement becomes effective. Holders of Rights are entitled to subscribe for and purchase one share of common stock for every one Right (the ''Basic Subscription Privilege'') at a subscription price of $ 1.00 per share. " Note that the date of record is "Aug 12,1999, or such later date..." It gets better: "If any shares of common stock are not purchased by holders of Rights pursuant to the Basic Subscription Privilege (the ''Excess Shares''), any holder purchasing all of the shares of common stock available to that holder may purchase an additional number of Excess Shares at $0.85, a 15% discount to the Basic Subscription Privilege, subject to proration." Wonder how long we can hold a buck? TG