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To: James Strauss who wrote (1330)	5/7/1998 12:20:00 PM
From: IsaacF1	Read Replies (2) \| Respond to of 13094

James: Thank you, that is exactly what I'm looking for. That was also an excellent explanation of warrants. DBCC looks like it's in a war with $8, cant seem to pop above it, once it does I think there will be some room for the price. IsaacF1

To: James Strauss who wrote (1330)	5/7/1998 12:46:00 PM
From: Eric Maggard	Read Replies (1) \| Respond to of 13094

[Warrants] With a stock that pays more than 1 to 1 it gets a little confusing. With the FCSE warrants you get 1.811 shares per warrant. So, that effectively reduces the cost of the stock down to around 3.75 or 6.75/1.811. Using your example: if you bought 1000 warrants, you would only have to pay out an additional $6,750 for 1811 shares (6.75 x 1000). If you bought the stock directly you would pay out (1811 x 3.94) = $7135.34. So, the warrants are fairly valued. Hope that makes sense, Eric