Forum Archive Index - April 2000

[Mark Hutton <mrkhutton@netscape.net>]

Moose, 
BRY only has 17% in B shares and would need to buy another 8% from somewhere
else to make up the 25% (if that was the minimum amount required). One of the
big institutions, I think it was AMP had said that they would sell whatever B
shares they had to BRY in exchange for A shares but there has never been any
indication as to how many B shares they actually had. Anyway the whole crux of
the matter is whether small investors would still enjoy a premium price on
their AIRVB shares if BRY bought whatever B shares they needed from big
institutions rather than going to the market. I suspect that those who have
written on Sharechat about this are concerned that they could be sitting and
waiting on a piece of stock that mightn't find a ready buyer when the time
comes to dispose of it. 
Investors must remember too that this is a totally different situation from
the INL, FLP or Ceramco deals and it is extremely unlikely that BRY will make
a future "stand" in the market or buy off-market direct from small investors.
Those intending to sit on their AIRVB shares must do it 
for long-term purposes as I too don't think that there will be a mad rush to
buy up AIRVB shares when whatever deal is signed. Any further improvement in
the stock price will also only come after the taking up of the rights issue
which means that investors will have to fork out more money to buy more of the
stock in order to add value to it. Sounds all too troublesome for me when
there are more less-complicated and "surer" stocks out there.

Mark

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