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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (18100)	6/15/1998 7:44:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 25960

Iamn, I think, but am not sure, that this issue was not registered under the SEC regulation (placed under one of the Reg D sections and sold only to "accredited individuals" or institutions), and therefore cannot be traded freely in the market. By registering these securities (and I see less than $5 MM or so out of the total $172 MM ) these can now (including the underlying stock, probably) be freely trading. Some of these debentures must have been registered before since someone on the thread mentioned buying them. I do not view this as having an impact on the stock, at least not know. In some cases such debentures are used as collateral for debt (or the holder borrows against these debentures) and the lender sometimes insists that only "free trading" securities be pledged so as to assure liquidity in the event of default. That is all I can speculate right now. Hopefully someone else has a more complete answer. Zeev

To: Ian@SI who wrote (18100)	6/15/1998 8:09:00 PM
From: Elroy Jetson	Respond to of 25960

It is likely that these small number of shares were inducements to market or purchase the Convertible Notes. When a company like Cymer sells a stock or debt issue they often sweeten the deal by giving additional "free" shares of registered stock to the underwriter as part of their fee. The underwriter keeps these shares or gifts part of them to institutional buyers of the stock or debt issue as an extra sweetner to buy the stock/debt. After a certain period these registered shares can be sold after filing a document like you are reading.