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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Cheryl Galt who wrote (29423)	11/19/1999 1:36:00 AM
From: bob zagorin	Read Replies (2) \| Respond to of 32384

if the stock price was $3 higher, wouln't it cost LGND about $3 more per share to redeem the warrants? if that's so (i'm not sure), then this is a great move on their part to redeem them early.

To: Cheryl Galt who wrote (29423)	11/19/1999 2:18:00 AM
From: Torben Noerup Nielsen	Read Replies (1) \| Respond to of 32384

Cheryl, I actually like this offer; I've been getting a bit concerned about the percentage of the total number of outstanding warrants I hold! I sort of lost track and didn't pay much attention to the number outstanding, but when I saw this offer, I realized that I now hold a few percent all by myself and that is a bit on the disturbing side when you consider how low the volume often is. Basically, I don't really have the option of disposing of all of them in a normal day without being willing to accept a fairly heavy mark-down. This gets me out of that nicely. Besides, I was a bit miffed earlier when they offered this kind of preferential exercise price to a single entity. Now that they are offering it to everyone, I'm quite content. I would be surprised if there are many warrants left at the end of this. I see no reason whatsoever not to take the offer and exercise early. I'd be willing to wager that the majority of the warrant holders will do likewise. Hey, if nothing else, I will now get an annual report :-) You don't get one if you only hold the warrants! Thanks, Torben