OK, Here's my attempt at a NAV calculation. First, let me note, I'm using everything
I can find as of Dec. 31. I am not trying to value the private companies or venture
funds (although I obviously consider them very valuable--in fact, the reason to own
the stock), but I am including DocuCorp at $5 per share (hopefully too low!), based
on the number of shares SFE will own after the offering. Please let me know if I've
left anything out or if there are any errors.
Safeguard Scientifics, Inc. Net Asset Value Calculation Spreadsheet (January 25, 1998)
Company Common Preferred Warrants Ex. Price W. Value Price Total Value
BDN 241,560 255,636 241,560 $19.50 $4.75 $24.25 $13,204,413.00
CATP 8,922,389 $45.00 $45.00 $401,507,505.00
CVSN 3,338,221 $7.88 $7.88 $26,288,490.38
CCSC 4,843,342 $26.25 $26.25 $127,137,727.50
CMPC 23,421,181 2,215,657 $8.69 $8.69 $222,720,030.13
DOCC 2,409,598 $5.00 $5.00 $12,047,990.00
DTPI 792,358 241,182 $5.50 $11.50 $17.00 $16,243,679.00
ISCG 586,094 169,931 $3.68 $5.95 $9.63 $6,651,394.55
NM 0 1,950,000 $4.80 $0.00 $2.31 $0.00
OAOT 4,726,000 $7.50 $7.50 $35,445,000.00
SCAI 2,715,292 360,000 $1.39 $23.99 $25.38 $77,535,134.50
SYBS 222,866 $7.66 $7.66 $1,706,317.81
TESI 1,044,873 $7.25 $7.25 $7,575,329.25
USDC 2,638,843 698,238 $3.02 $1.70 $4.72 $13,638,172.21
Total Securities Value: $961,701,183.32
Safeguard Shares Outstanding: 31,235,716
NAV Per Share: $30.79
SFE price: $31.94
NOTES: Warrant value (W. Value) is calculated for every stock, but really doesn't exist unless
there are outstanding warrants. The value is calculated based on the current stock price (Price),
assuming exercise of warrants at exercise price (Ex. Price). If the exercise price is greater
than the stock price (i.e., NM :-( ), then the value of the warrants is $0.
Thanks,
--John |
