Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : ACTM $100 Million Cable Modem Contract with MOT -- Ignore unavailable to you. Want to Upgrade?

To: Rob Preuss who wrote (1115)	10/20/1999 10:45:00 PM
From: Rob Preuss	Read Replies (1) \| Respond to of 1250

Wednesday October 20, 10:23 pm Eastern Time ACT to sell 2.8 mln shares to public HUDSON, Mass., Oct 20 (Reuters) - Electronics maker ACT Manufacturing Inc. (NasdaqNM:ACTM - news), whose share price has risen sharply for the past year, said Wednesday it planned to sell 2.75 million more shares to the public. ACT, which earlier reported higher operating earnings for the third quarter, said in a statement it would sell 2.5 million of the total, while some shareholders would sell the remaining 250,000. ACT provided no further details about the offering. Its shares ended up 2 at 28-3/4 on the Nasdaq market, near a recent year high of 29-12/16. ACT said it had an operating profit of $0.28 per share on sales of $180.1 million for the third quarter against $0.09 on $137.5 million for the same period a year ago. But it had a net loss of $0.13 when including the cost of acquiring CMC Industries Inc.

To: Rob Preuss who wrote (1115)	11/17/1999 12:04:00 PM
From: Rob Preuss	Read Replies (1) \| Respond to of 1250

ACTM priced their public offering last night at $26+1/16. The offering was a strong deal, very well received, and was 2+1/2 times subscribed... so those who couldn't get the shares they wanted in the offering were in there buying this morning. Hence the rise in price and volume. Overall, the company was selling 2.5 million shares. So they should net around $65 million in cash. Initially they'll use this money to pay down their debt in their credit facility... that will de-leverage their balance sheet. But longer term they may do some more acquisitions. They have a desire to be in the far east and to have a bigger presence in Europe as well. Thus, the point of this offering is basically to fund their growth strategy. Now 2+1/2 times subscribed means there was demand for about 3.75 million shares that could not be met in the offering... Since NASDAQ counts every trade twice, it would take trading volume of 7.5 million shares just to meet this demand... My RTQ shows just over 2 million shares traded so far today, so I believe there's still quite a bit of unmet demand (like over 5 million shares). Rob