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Technology Stocks : MEMC INT'L. (WFR -NYSE) The Sleeping Giant? -- Ignore unavailable to you. Want to Upgrade?

To: Donald B. Fuller who wrote (4103)	1/4/1999 1:56:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 4697

Donald, I was unable to do it since I do not know the price at which those rights are going to be issued. I have not seen a single piece of news about it since they first broached the subject. Who knows, maybe they shelved the issue and were able to get debt financing. We must take into account that the lengthy overcapacity in wafers (due to lack of "expected" expansion in wafer starts in the industry) has damaged the balance sheet of the company, and it is in a much weaker position now then two years ago. I think that the equity financing would be a better choice then debt for the long term health of the company, even if some dilution is occurring (assuming the rights are below book). Zeev Zeev