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To: Douglas V. Fant who wrote (21071)	5/2/1998 2:19:00 AM
From: Chuzzlewit	Read Replies (1) \| Respond to of 95453

Doug, your calculation is off because if you figure the conversion the way you did you lose the effect of dilution. Here's what I suggest: Take the current number of EVI shares plus .74391 times the number of CST shares. That will be the total number of shares after the merger. Add the market cap for the two companies, then subtract the present value of the cash payments from the market cap. Finally, divide by the number of shares previously calculated. Lots of people (including the financial media who should know better!) make this mistake, and it is usually significant. That's why you see the shares of the acquiring company tumble big-time, and the s/h of the acquired company get less tan they expected. TTFN, CTC