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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: kolo55 who wrote (14546)	9/13/1999 5:24:00 PM
From: wm sharp	Respond to of 27311

Thanks for your ongoing work, Paul. (eom)

To: kolo55 who wrote (14546)	9/13/1999 5:40:00 PM
From: I. N. Vester	Read Replies (3) \| Respond to of 27311

Paul, I've got to assume that CC are good traders and would have recognized the bottom had been achieved at least for now after the rise above $5. I would think that they would have made a decision to take the lowest average or pass. It seems very, very unlikely that they would allow the price to drift up and then decide to exercise after losing some of their booty. Hard to believe that they would decided to pass given the very large bird in hand (much larger than any interest then could make at 6% unless they plan to hold for 10 years). I'm thinking it's still possible that they exercised their conversion option on Friday but we'll only get an increased share count once the common shares have been issued, which has to be within 3 days of their notification of exercising the conversion - by Weds at the latest. If they don't take that, I'll be very surprised if they don't have a deal with the company. Altho if they do have a firm deal that would be material and I'd think the company would have to make it public immediately.

To: kolo55 who wrote (14546)	9/14/1999 5:57:00 PM
From: kolo55	Read Replies (2) \| Respond to of 27311

Updated conversion information: The conversion price today climbed to 4.70 today from yesterday's 4.55. The 4.70 price is good until one minute before noon ET tomorrow. Here are the closing bids for the last ten days, and a forecast what will happen if the closing bid remains at today's closing bid of 6 1/16 through the next week: Date Bid 27-Aug 4.3125 Was only good to noon Monday. 30-Aug 4.3438 Was only good to noon Tuesday. 31-Aug 4.3125 Became stale today, and drops out by noon tomorrow. 1-Sep 4.2500 2-Sep 4.5625 3-Sep 4.6875 Conversion 7-Sep 4.8750 Price Shares Lost each day 8-Sep 5.6250 4.4240 1,771,500 0 9-Sep 5.3750 4.4240 1,771,500 0 10-Sep 5.2500 4.4556 1,759,000 12,500 13-Sep 5.7500 4.5503 1,722,400 36,600 14-Sep 6.0625 4.7028 1,666,600 55,800 Forecast if bid remains unchanged from current bid of 6.0625 : Conversion Date Bid Price Shares Lost each day 15-Sep 6.0625 4.8817 1,605,500 61,100 16-Sep 6.0625 5.1131 1,532,800 72,700 17-Sep 6.0625 5.3130 1,475,100 57,700 20-Sep 6.0625 5.5445 1,413,600 61,500 21-Sep 6.0625 5.7444 1,364,400 49,200 22-Sep 6.0625 5.8180 1,347,100 17,300 23-Sep 6.0625 5.9338 1,320,800 26,300 24-Sep 6.0625 6.0705 This is above the fixed conversion price, and the remaining 21,100 shares earned through the variable conversion are lost. Total lost 471,800 Paul