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

To: Mark Fowler who wrote (84767)	11/21/1999 8:08:00 PM
From: HG	Respond to of 164684

Thanx for the link Mark. As a matter of fact, that article had prompted me to double up :-) I was just wondering whether it was the right thing to do..... Go VERT go...!!!!!

To: Mark Fowler who wrote (84767)	11/21/1999 10:18:00 PM
From: Sam Bose	Respond to of 164684

Quiet start for Amazon.com <SSBHA.AX> notes SYDNEY, Nov 22 (Reuters) - Salomon Smith Barney's synthetic convertible securities giving local investors a chance to punt on U.S. Internet retailing giant Amazon.com Inc <AMZN.O> made a subdued debut on the Australian Stock Exchange on Monday. The notes, which can be exchanged at a ratio of 10 securities for one Amazon.com share at any time to maturity, listed at A$15.75, a modest premium to their A$15.60 issue price. By 11:45 a.m. (24:45 GMT), the around 310 notes had traded. "They're not normally as active as underlying shares and I think we've still got a job to do to make the market aware they're out there," said Paul De Lange, manager of Salomon's financial product sales. "The retail reception in the IPO was very positive. The IPO price was A$15.60, and they're trading only just above it, so you won't see many people coming in and selling at these levels. I think they'll be looking for a bit of a better return," he said. Institutional investors appear to have held back from Australian offer, opting instead to get their hands on Amazon.com's over-the-counter convertible U.S. securities, De Lange said. No figures were available on how many of the five million securities included in the IPO had been placed, although the issue had closed undersubscribed, De Lange said. Salomon said it planned to launch up to 10 million of the 10-year repackaged Australian notes which offer an annual interest rate of 4.25 percent based on the face value of US$7.80. The notes also include an early call option which specify the convertible may mature if Amazon.com's share price exceeds $117 before February 2002, or at any time between February 2002 and 2009. However, Salomon executives said they believed the likelihood of Amazon.com calling the underlying U.S. convertible was slim. The Amazon issue could still pave the way for similar repackaged convertibles providing Australian investors with easy access to highly liquid technology and other stocks, De Lange said. "I think the response has been pretty good...but I think there's still an education process has to be taken with clients. We're still optimistic this product will go very well on the secondary market once people know what it's all about," he said. By 12:25 p.m. (0125 GMT), the paper was static at A$15.75, and around 710 of the convertibles had traded.