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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (31695)	6/3/1999 10:39:00 PM
From: Ruffian	Respond to of 152472

Maurice,> Top Financial News Thu, 03 Jun 1999, 10:36pm EDT Telecom N.Z. Increases Stake in AAPT, Unlikely to Launch Takeover Offer By Duncan Craig Telecom N.Z. Buys More AAPT Stock, Seen Moving to 19.9% Stake Sydney, June 4 (Bloomberg) -- Telecom Corp., New Zealand's largest phone company, has lifted its stake in Australia's No. 3 ranked carrier AAPT Ltd., and is expected to secure 19.9 percent of the company today, the maximum limit it can buy before making a full takeover bid. Sydney-based broker Macquarie Equities Ltd. bought 26.11 million AAPT shares, or 8.7 percent of the company, at an average price of A$4.99 (US$3.24) a share. That will take Telecom's stake in AAPT to 18 percent. ''Telecom New Zealand is buying and we believe institutional shareholders are selling,'' AAPT spokesman Mark Devine said. ''It sounds like they will go as far as they can up to the 19.9 percent threshold.'' Telecom held a 9.2 percent stake in AAPT, acquired last month at A$5.70 a share. Its entry onto the share register frustrated a A$1.5 billion hostile takeover bid from Cable & Wireless Optus Ltd., Australia's No. 2 carrier. The Optus bid was blocked by the nation's competition regulator on Monday. Telecom N.Z. has indicated it wants a controlling stake in AAPT, of up to 50 percent of the company, though it hasn't ruled out a full takeover bid. Overall, about 27.4 million AAPT shares were traded, more than 12 times the daily average traded over the past six months. Its the most actively traded company on the Australian Stock Exchange today. AAPT shares rose 16 cents to A$4.96, while Telecom shares rose 12 New Zealand cents to NZ$8.54. Telecom is 24.95 percent-owned by U.S. phone company Bell Atlantic Corp.

To: Maurice Winn who wrote (31695)	6/4/1999 10:45:00 AM
From: Gregg Powers	Read Replies (2) \| Respond to of 152472

Maurice: Please...immediately obtain an anti-hypertensive! I think you know my style well enough to assume that I always tend toward the conservative side. I know what the Koreans have said publicly and privately about royalties; I know what I have been told by MOT and LU personnel. I also diligently attempt to track total CDMA-related product sales to Qualcomm's reported royalties. I recognize that lags and other data distortions corrupt the latter analysis, but I hope to improve the net granularity over time. I know that there are customer specific factors that modify the net royalty received. Early on, for example, MOT had a significant royalty sharing arrangement. We all know of ETRI's claims with regard to royalties derived from domestic Korea CDMA sales etc. The point is that while my internal royalty metric is somewhat fluid, it has been tracking northward for the last six quarters. Having said that, there is a difference between what I 'know' and what I 'conclude by analysis'. Whenever such a difference is material, I opt to provide the Forum with the more conservative conclusions. Hopefully this is responsive. All the best, Gregg