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  • mccorkmick mccorkmick Mar 8, 2005 4:30 PM Flag


    First off this will be accretive to EPS overall. The increase in earnings will more than offset the dilution from the offering.

    The chaiman of the board holds 4M (even after whatever is sold from shelf). Do you think Mr. Panayotides will agree to an equity offering that would dilute his stake in the Company if he did not believe that in the long term it would add value. I happen to agree, I am of the position that this equity offering will be accretive to EPS and will further increase the fair value target that my firm has on Excels stock price. It seems to me that all other bankers that have been back and forth to Greece and London agree.
    The current stock price is less than 3X 2006 projected operating cash flow.

    If your horizon is short term, well then good luck. If your horizon is long term, then there is a buying opportunity.
    That is all I have to say. No more advice, no more comments, no more postings off announcements weeks prior to becoming public (Isminaki, galateia).

    oh btw, i took advantage of todays volume to increase my personal as well as firms overall holdings another ~15%.
    Good luck y'all. Its been real. Ill be holding these shares and in due time i will be rewarded handsomely.

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    • Amen, perfectly said.

      It's only dilutive, if they do not use the funds wisely. Otherwise, I think this is a necessary, long-term, accretive move and quite honestly, I think it was the right move.

      Having said that, I sold a lot of shares yesterday, knowing that if this happened, I could get them back at a discount.

      You guys are praising McCormick, but this one was easy to see. I kept 1/5 of my shares just in case the earnings were great (which they were) and the co. decided to hold off a quarter. Didn't happen, I took a small whack and I'm happy.

      I'm also very happy that BHP bought WMC, I was not as sure about that one. Great asset, all cash, go BHP!

    • You are really a pompous BSer.

    • Your last message is insulting to investors on this board...give us a brake from this sewage....
      "No more advice, no more comments, no more postings of announcements weeks prior to becoming public (Isminaki, galateia)."

      Your final patronizing comment isnt welcomed, nor is it of any further interest to investors on this board....
      "oh btw, i took advantage of todays volume to increase my personal as well as firms overall holdings another ~15%"

      The "buying" by you and the "firm" seems to have done little to help EXM.....but then 15% of 100 shares isnt too much!

    • This is an interesting revelation. If your able, perhaps you could share with this board the nature of your "firm", and its relation to EXM?

      All of us are looking out for our own investments, granted.

      Yet, your case seems most unique among all seems like there is a conflict of interest, in appear to be (or you are suggesting you are) in the employ of a banking firm? Perhaps even a banking firm related to one of the so-called "institutions" which have been most "helpful" in advising EXM to float an ever increasing stock volume?

      In all due respects, while your analysis has been most appreciated at times, it has been one-sided and less than objective. Full disclosure would be most welcomed......

    • I certainly have appreciated all your analysis and comments.

      Best of Luck,


    • mccork,
      the points raised by play_tow on replacing an aged fleet are more substantive than director holdings. they will benefit regardless of what happens!

      > oh btw, i took advantage of todays volume to increase my personal as well as firms overall holdings another ~15%. <

      you really better hope the increased float does not make your purchase look bad (at least short term). i will be looking to buy later... good luck.


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