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Technology Stocks : Energy Conversion Devices -- Ignore unavailable to you. Want to Upgrade?

To: Michael Latas who wrote (2550)	10/31/1998 5:23:00 PM
From: Futurist	Read Replies (2) \| Respond to of 8393

$17.15/shr. Here's my computation of what the Sanyo deal means about the value of ECD shares. Someone more knowledgeable tell me I'm wrong. My recollection is that several years ago, Sony bought 3% of Ovonic for $20m. At that time there were about 10m shares of ECD translating into a $20/shr value of Ovonic to shareholders of ECD. Again, my recollection may be faulty but I belive that took ECD's ownership of Ovonic to the 93% level. Stempel said the other day that the sale of Ovonic shares to Sanyo still left 91.5% of the shares in ECD hands. That means we sold 1.5%. Assume 50% of Sanyo's payment was upfront royalty and 50% was purchase of Ovonic stock. That translates into a $240m market cap for Ovonic and would mean, with 14m shares currently outstanding in ECD, $17.15/shr to ECD holders.