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Technology Stocks : Amazon.com, Inc. (AMZN) -- Ignore unavailable to you. Want to Upgrade?

To: Mark Fowler who wrote (81537)	10/21/1999 7:49:00 PM
From: H James Morris	Read Replies (3) \| Respond to of 164684

Mark, I only dumped half of it. Remember Epny only IPO'd on Sept 22 and CSFB had it priced at only $16 little ones<GG>>. I don't have the insider #'s here, that's down in San Diego. I need to spend more time on other SI threads other than Amzn. This is not where the action is any more, and I don't think the ones that we should be listening to are interested in what we're discussing here. I had zeroed in on B2B, but it appears almost anything related to wireless com/software is going to the moon too. My last post about Amzn. Trust me. We'll talk about the "thing" again sometime in 2004. Bezos to bring his converts and put them on an Aussie Barbie. << SYDNEY, Oct 21 (Reuters) - Salomon Smith Barney said on Thursday it would launch up to 10 million synthetic convertible securities based on U.S. Internet retailing giant Amazon.com Inc which would be traded on the Australian Stock Exchange. "The convertible is the first time a security has been listed on the ASX for a stock that's not listed in Australia," Rob Thomas, co-chief executive of Salomon Smith Barney Australia, told a media briefing. The initial offer which opens Friday would be comprised of five million of the repackaged 10-year Amazon Convertibles, priced at around A$16.00 each. The paper would offer an annual interest rate of 4.25 percent based on the US$7.80 face value. The convertibles could be exchanged at a ratio of 10 securities per one Amazon.com share at any time until maturity, although an early call option was effectively included in the structure. While this specifies the convertible may mature if Amazon.com's share price exceeds $117 before February 2002, or at any time between February 2002 and 2009, Salomon executives said they believed the likelihood of Amazon.com calling the underlying U.S. convertible was slim. Shares in Seattle-based Amazon.com closed at $80.50 on Wednesday. While the company was aware of the transaction, it was not taking any responsibility for the Australian issue, Salomon said. The offer provides both retail and institutional investors the chance to gain exposure to the world's largest online retailer, whose securities are generally only available at wholesale levels, said Salomon executives. Security holders would have access to potential capital gains seen by Amazon.com shares, they said, noting the fact securities would be denominated in the local currency and offer a healthy rate of return could make them more attractive. While any losses would be effectively capped on the downside, investors would be exposed to potential falls in Amazon.com's share price, its credit risk and currency fluctuations. A core of confidential bids have already been received following an extensive series of investor presentations, said Paul De Lange, head of Salomon's financial products sales and research team, but noted some market players have expressed reservations. These have largely referred to concerns regarding currency risk, and the fact like most Internet companies, Amazon.com which has around 12 million customers, was not currently posting a profit. The offer closes on November 12, and the convertibles would begin trading on the ASX on November 22. Bemoaning the dearth of high quality liquid Internet stocks easily available to Australian investors, and the decline in convertibles, De Lange said more repackaged convertibles could shortly follow. >>