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Microcap & Penny Stocks : Tokyo Joe's Cafe / Anything goes -- Ignore unavailable to you. Want to Upgrade?

To: Zakattack who wrote (27328)	6/24/1998 9:17:00 PM
From: Rock_nj	Respond to of 34592

Wrong, they areen't worth 0.75 cents per share. I spoke to the GARN president last week to confirm the situation. 10 GARN shares for 1 Aviva London share. The ADRs in the U.S. equal 5 London shares. So divide the ADRs by 5 and then divide again by 10 and you find the true value of the GARN shares in this merger... About 2 cents. Call the company if you don't believe me. The 70 cent shares are ADRs. Divide them by 5 to obtain the Aviva share price. It says right in the news release, READ IT!!! Or better yet, pay 3.5 cents for a GARN share that will be worth 2 cents after the merger. From the news release: Shareholders of Garnet will receive one share of Aviva common stock for each ten shares of Garnet common stock that they hold. Garnet shareholders holding less than l,000 Garnet shares or who would receive fractional Aviva common shares after the exchange will receive cash in the amount of $0.02 for each Garnet share held. Garnet shareholders entitled to receive Aviva common stock will be issued one Aviva depositary share for each five shares of Aviva common stock that they receive as a result of the merger. The Aviva depositary shares trade on the American Stock Exchange under the symbol ''AVV''.

To: Zakattack who wrote (27328)	6/24/1998 10:16:00 PM
From: Rock_nj	Read Replies (1) \| Respond to of 34592

Let me clarify the GARN calculation... Remember it's 10 GARN for 1 Aviva London share. Each AMEX AVV ADR is worth 5 London shares. So the true value of the deal is: 75 Cents (AVV ADR share price) divided by 5 = 15 cents (London share value). Then divide 15 cents by 10 (the 10 GARN for 1 Aviva London share) and you come up with 1.5 cents! Stay Away!!! Anybody who would by GARN at 3.5 cents when it's worth 1.5 cents after the merger is a fool! Call the company if you don't believe me.