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Technology Stocks : Applied Magnetics Corp -- Ignore unavailable to you. Want to Upgrade?

To: Rational who wrote (10780)	12/8/1997 2:09:00 PM
From: Dave Chanoux	Respond to of 12298

Sankar, Yes the company has a purpose and I don't know what it is. But authorizing new shares is not the same as issuing them. While the company has 40 million common shares currently authorized, only 23 million are issued and outstanding. It is significant that authorizing additional shares is an action which must be approved by shareholders. The annual meeting is a convenient place to do this. Doing it outside the annual meeting process could be costly. Regards, Dave Chanoux