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To: Mike Buckley who wrote (28723)	7/25/2000 10:13:38 AM
From: Uncle Frank	Read Replies (1) \| Respond to of 54805

When questioned, Thornley said that the $100M is bogus. It's just a marker that was needed for the sec filing. The actual price will be set in the next few weeks after working with the investment bankers. You can bet your a$$ it will be in the billions. qcom + spinco = the wintel of wireless uf

To: Mike Buckley who wrote (28723)	7/25/2000 12:44:37 PM
From: StockHawk	Read Replies (1) \| Respond to of 54805

>>The one issue I don't understand: what portion of Spinco will be sold at the IPO? Qualcomm shareholders will get "remaining" shares, implying that not all of the shares will be sold as part of the IPO. That muddies the issue about the $100 million valuation...<< That is what normally happens in a spin-off. A small portion of the shares are sold at the IPO, the remainder are retained by the parent. Sometimes (like in this case) the remaining shares are distributed to the parent's shareholders. As someone stated the $100 mil was just a number thrown out, but do not confuse the value of the IPO with the market capitalization. As example, look at PALM. Twenty three million shares were IPOed. Those shares are available for trading. That is the float. However, 565 million shares are outstanding. To get the market cap you multiply the stock price by the number of shares outstanding, not the float. StockHawk

To: Mike Buckley who wrote (28723)	7/25/2000 1:58:54 PM
From: kumar	Read Replies (1) \| Respond to of 54805

<<what portion of Spinco will be sold at the IPO? >> : NEW YORK, July 25 (Reuters) - Mobile phone technology company Qualcomm Inc. will carry out its initial public offering of its planned spinoff Spinco semiconductor business in the fall, Chairman and Chief Executive Irwin Jacobs said on Tuesday. He told a news conference Qualcomm would offer less than 10 percent of the planned spinoff's shares in the IPO, while Qualcomm retains the remainder of the shares. The offering will be followed by a six-month lockup period of the shares. Those shares then will be offered to Qualcomm shareholders. "Sometime after that distribution, they would be completely separate companies," Irwin said. A Qualcomm spokesman later said the company expects the spinoff to be completed by August 2001 at the latest.