- 13 -
primarily reflecting the application of the
Datafile sale proceeds against outstanding
indebtedness.
The Company's revolving credit agreements
expire within the next twelve months.
Accordingly, all outstanding indebtedness
under such agreements has been included in
"Current maturities of long-term debt" in the
Condensed Consolidated Balance Sheet. The
Company anticipates either extending these
agreements or entering into new facilities
prior to their expiration.
The Company anticipates that funds generated
from operations and available under short and
long-term credit facilities will be adequate
to meet anticipated requirements for the
foreseeable future.
Postdeath Events
At the beginning of calendar year 1994, Bank One Wisconsin
Trust Co. (Bank One) was requested to explore the possibility of
selling one or more blocks of the Applied Power stock held by the
Trust to one or more investors (as had been discussed by the
trustees at a December 1993 meeting), and to propose a plan for
selling any remaining shares on the open market in a manner that
would have a minimal adverse pricing effect.
On February 17, 1994, Bank One, on behalf of the Trust, sold
200,000 shares of the Trust's block of Applied Power stock at a
price of $19 per share. The shares were sold through Cantor
Fitzgerald & Co. in one or more negotiated trade or trades. The
transaction results were reported on the NYSE. (The reported NYSE
high and low trading quotes for Applied Power on February 17, 1994,
were $19.25 per share and $19 per share, respectively.)
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