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Technology Stocks : Oclaro, Inc. (Avanex-Bookham) -- Ignore unavailable to you. Want to Upgrade?

To: tinkershaw who wrote (1916)	8/3/2001 10:20:13 PM
From: Kent Rattey	Read Replies (1) \| Respond to of 2293

Friday August 3, 4:19 pm Eastern Time Avanex Corp. adopts stockholder rights plan FREMONT, Calif., Aug 3 (Reuters) - Avanex Corp. (NasdaqNM:AVNX - news) said Friday its board of directors has adopted a stockholder rights plan, but stressed it was not in response to any attempt to acquire the company. Avanex, which makes processors for fiber optic networks, said that under the plan it will issue a dividend of one right for each share of common stock, par value of $0.001 per share, held by stockholders of record on Sept. 1. The plan is designed to ensure that stockholders receive fair value in the event of a proposed unsolicited business combination or similar transaction involving the company, it said. Avanex noted that the plan was not adopted in response to any attempt to acquire the company and said it was not aware of any such efforts. Each right would initially entitle stockholders to purchase a fractional share of the company's preferred stock for $50.00. Avanex shares were trading on the Nasdaq Friday afternoon at $8.84, down 5 cents on the day and way below the 52-week high of $161.37.