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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: xcr600 who wrote (11624)	10/12/1999 11:55:00 PM
From: Arcane Lore	Read Replies (1) \| Respond to of 18998

I suspect what you're seeing here is a mini-tender offer. That is an offer to buy less than 5% of a company's shares. Historically, these are usually made at a price less than the currently prevailing market price. However, NAVR's closing price on 10/4 was $10 which is slightly less than the offer price of $10.25. I'm guessing that Growth Capital Corp. will not accept any of the tendered shares unless NAVR's price on 10/15 is enough greater than $10.25 to make it worth their while. At the time of the last NAVR 10-Q there were 23,008,394 shares outstanding. 5% of the number outstanding is 1,150,419.7, thus 1,100,000 is the smallest multiple of 100,000 which represents less than 5% of the NAVR O/S. There is a similar mini-tender offer being made for 1,000,000 Coinstar shares at a price of $10.00 (see growthcapital.org ). Coinstar's closing price today was 11 9/16. Its total O/S was 20,008,412 shares at the time of the last 10-Q, 5% of which is 1,000,420.6 shares. The SEC recently instituted enforcement actions against two organizations which had conducted mini-tenders which, in the SEC's view, did not reveal sufficient information to shareholders - see #reply-11010471