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Biotech / Medical : Antex Biologics (ANTX) -- Ignore unavailable to you. Want to Upgrade?

To: F. Jay Abella, III who wrote (616)	12/15/1997 6:06:00 PM
From: Amigo Mike	Read Replies (2) \| Respond to of 1476

I'll take that: IN MY OPINION (others I know do not agree with me), SKB was not buying Antex shares in the open market during the last run. SKB is limited in the number (%) of Antex common they can own. The reason I do not believe SKB was buying in the open market is simple. SKB has a conversion warrant of part of the agreement with Antex. This conversion warrant covers the shares of the JV owned by SKB. The situation has a couple of legal requirements and is hard to understand but simple put ..... it is more beneficial for SKB to purchase ownership in the JV than purchase shares in the open market because the conversion rate is around .37 per share. Since SKB chose not to exercise their first option to increase theri stake in the JV, they have effectively lowered there possible ownership interest in the common and also helped us current shareholders as there will be fewer future common shares as a result. Why would SKB buy shares in the open market for more than $1 per share when they can purchase the same shares thru the JV for a much lower cost ???? SKB chose to fund another year of research which by my estimates should approach $3.75 million next year. That's perfectly fine with me. Remember that the SKB deal is potentially worth near $30 million to Antex. March 98 thru March 99 is only year three. This is why I do not believe SKB was involved. Comments ? Mike