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Biotech / Medical : Cistron Biotechnology(CIST)$.30 -- Ignore unavailable to you. Want to Upgrade?

To: Zvi Yammer who wrote (1366)	8/26/1998 10:27:00 PM
From: Rudy Saucillo	Read Replies (2) \| Respond to of 2742

Actually, I don't see any issue. The bottom line is that the combination of purchased shares and warrant shares will not be less than book value. Fine. That pretty much quantifies PMC's potential cost basis. It's also worth pointing out that this cost basis is a factor of 2 higher than the current price. Rudy

To: Zvi Yammer who wrote (1366)	8/26/1998 10:55:00 PM
From: John Metcalf	Respond to of 2742

If PMC gets warrants at $.25, they would be limited to no more than 1,525,000 shares via warrants. It could be that I'm practicing voodoo algebra, but that's the maximum number of two-bit warrants that "together with the purchased shares" would be sold at an average price of at least 48 cents. The resultant addition to the share base would be 2,825,000 shares, with $1,356,000 going into the company treasury. This transaction would raise book value a nickel per share when complete. (Almost enough to cover the spread-:)