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Technology Stocks : Award Software(AWRD) is back -- Ignore unavailable to you. Want to Upgrade?

To: Stu Bishop who wrote (339)	4/18/1998 7:47:00 AM
From: Samuel J. Bennett	Read Replies (1) \| Respond to of 373

You are getting stock, not cash. So, the conversion to PTEC is the same amount of shares...If PTEC plunges, then the merger may not go through...I sold at $12 5/8, but I am a trader. I've been in AWRD twice, BOBJY three times and my latest winner is Perini (PCR), since March. I may go into PTEC. sam

To: Stu Bishop who wrote (339)	4/18/1998 9:12:00 AM
From: Mark Brophy	Respond to of 373

You'll get your stock shortly after June 30. Of course, both companies must approve. The premium is high, so Phoenix shareholders might be unhappy. The price of Phoenix could fall, so Award shareholders might be unhappy. Phoenix has very strong support at 11, so the floor on Award stock price is 11 * 1.223 = 13 1/2. Award gets no respect from the market and periodically falls well below 10 for no reason despite a steller record of earnings and revenue growth, so the deal is good for Award. I'll miss the periodic fire sales, but the market always find some companies to sell me at giveaway prices. There's still a lot of upside for Award shareholders, so it would be foolish to sell now. Phoenix periodically moves up to 18 based on revenue excitement, which is likely again in the second half of the year when USB revenues kick in with the release of Win98 on June 25. That will give Award shareholders 18 * 1.223 = 22, or triple the price 3 months ago. The merger will result in significant synergies that will be apparent on the bottom line in 1999, which will cause Phoenix to break their old highs and rise above 20. I worked on a Phoenix BIOS in 1989 with Maurice Bizzarri, who is now Award V.P. of Engineering. He's very familiar with Phoenix and wouldn't have merged if the deal wasn't good for Award. In the short run, Phoenix stock will go nowhere because the market hates the stock of an acquiring company in a merger.