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Biotech / Medical : Trinity Biotech (TRIBY) -- Ignore unavailable to you. Want to Upgrade?

To: Burkhard Brinkmann who wrote (8872)	4/8/1998 6:09:00 PM
From: Scott H. Davis	Read Replies (1) \| Respond to of 14328

Or reality set in. The large vote of confidance by management was a big plus. The subsequent realization of significant share dilution was a big negative (16+m to 21+m shares). The plus was seen as slightly more than the neg. TRIBY mgmt, PLEASE have mercy - lets leave it at 21+m for a year so the EPS has a chance to grow. The majority of TRIBY shares are held by US investors, and US investors look at EPS and EPS trends pretty seriously. You're large shareholders now. Perhaps you will now share part of our perception. You can grant yourselves options. We can't. All we can do is wait (and be rewarded or screwed) or sell and say screw it. If EPS does not start growing demonstrably, (especially since estimates are now at .20 for the current year), investors who can't grant themselves options are screwed. Period. By serious share dilution, you are probably guaranteeing LARGE EPS downside surprises. Irish investors may not care much about what US analysts project, But US INVESTORS AND POTENTIAL US INVESTORS DO. NO BUENO!!!!! Please, give us a break. Keep the shares outstanding at 21+m. Let EPS grow. Please think about ALL your owners (AKA those without options) Seriously, Scott H. Davis. (Brendan, you said you read this thread sometimes. If you see this, please pass this on. I have posted positively about TRIBY on other threads before, but in integrity, I can no longer do so with the dilution and large EPS downward surprises. I know you were uncomfortable with .15. Bottom line is now it's .20. You projected a 30% growth rate. .021 this qtr, .0225 2nd, .024 third .026 4th adds up to .0935 approx. IF, IF you can acheive this rate with the past share dilution (assuming no further share dilution). A 30% EPS growth rate (in our conversation, if I remember correctly your 30% growth rate was focused on revenues, and with the current rate of share dilution, I doubt we'll se a 30% EPS growth rate) will lead to a 50% downward EPS surprise based on the outstanding estimate. Share price will not appreciate much more than relevent index at best. Please, try and put yourself in the shoes of your long term investors, some of whom have eaten warrents. I don't believe that you have had any mal intent towards towards your shareholders. But please ask yourself, have you actively looked out for their interests? Have you considered the effect of the additional shares on EPS. If eps and share price increases, we ALL win. If you grant and exersize a load of options and EPS is stagnant due to the dilution, you win we loose. Please, consider us. Thanks for considering this, Sincerely, Scott H. Davis.