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Technology Stocks : Plaintree (TSE:LAN,NASDAQ:LANPF) -- Ignore unavailable to you. Want to Upgrade?

To: Mikeh who wrote (1518)	2/9/2000 12:51:00 PM
From: brb	Read Replies (1) \| Respond to of 1606

Just found this. I bought 100 shares for $11 1 day after their IPO and had pretty much written this company off. canoe.ca Plaintree Systems Inc. (LAN-T) , up 38c to $2.38, on volume of 3.7 million shares. The Ottawa-based developer of local area network switches has seen its stock soar from just 70c on Feb. 3 as it emerges from a restructuring designed to free it from unsecured liabilities. On Jan. 31, Plaintree said it had obtained consent from more than 50% of its shareholders to approve a purchase agreement with Targa Group Inc., a privately held firm with operations in Ottawa, Toronto and Charlotte, N.C., that manufactures electronic equipment, primarily for the aerospace industry. Under the terms of the deal, preferred shareholders, which include Nortel Networks Corp., will convert their holdings into common shares at the rate of $1 a share. Targa will acquire 49% of the then outstanding Plaintree shares and the firm will manage Targa's businesses on a fee-for-service basis. Targa also will provide a $3-million guarantee to Plaintree and its unsecured creditors.