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In determining the blockage discount to be accorded to the
Trust's stock, Mr. Davis tabulated statistics involving 8 days in
1993 where more than 50,000 shares of Applied Power stock were
traded,7 comparing the closing price on each of those days with the
previous day's close, and noting that the largest down tick trading
day was 2.5 percent while for one of the largest trading volume
days there was an up tick of 1.5 percent.
Mr. Davis stated that taken together, the following factors
substantiate his conclusion: (1) The close proximity of the sale
of all of the Trust's stock (within 3-1/2 months of the valuation
date); (2) the number of days (only 3) taken to accomplish the
disposal of all of the Trust's stock; and (3) the apparent ease of
the sale of all the Trust's stock and lack of disruption in the
market price of Applied Power stock.
7 The following table demonstrates the market
"acceptability" on each of the 8 days during 1993 on which more
than 50,000 shares of Applied Power common stock were traded:
Previous Price Price
Day Dollar Percent
Date Volume High Low Close Close Change Change
2/25 62,600 $17.750 $17.500 $17.625 $17.875 ($0.250) -1.4%
3/11 56,600 17.625 17.375 17.500 17.375 0.125 0.7
4/08 57,300 17.750 17.500 17.625 17.625 --- 0.0
5/04 99,400 17.250 16.750 17.250 17.000 0.250 1.5
5/12 104,000 16.875 16.625 16.625 16.875 (0.250) -1.5
9/02 50,400 17.375 17.000 17.250 17.125 0.125 0.7
11/23 77,000 15.375 15.000 15.125 15.250 (0.125) -0.8
12/01 52,100 15.125 14.625 14.625 15.000 (0.375) -2.5
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