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On April 22, 1992, 180 days after the closing of the IPO,
the sale restriction on the first one-third of Conner Malaysia’s
Read-Rite shares lapsed. On this date, the closing price of
Read-Rite shares was $21-1/4 per share. On June 1, 1992, Conner
Malaysia sold the first third of its Read-Rite shares (558,442
shares) at an average price of $20.31, yielding total proceeds
of $11,341,147.65.
The price of Read-Rite shares fell by $.50 from April 22,
1992, the date the first restriction on the sale of shares
lapsed, to June 1, 1992, the date Conner Malaysia sold the first
one-third of its shares. Thus, by holding the 558,442 shares
beyond April 22, 1992, Conner Malaysia lost $279,221 in proceeds
that it would have received had it sold the shares on April 22,
1992.
On July 21, 1992, 270 days following the closing date of
the IPO, the second restriction on sale lapsed. On this day,
the closing price of Read-Rite shares was $23-1/8 per shares.
On this day, Conner Malaysia sold 500,000 shares out of the
558,442 shares that it was then entitled to sell. Conner
Malaysia sold the 500,000 shares for an average price of $23 per
share, yielding proceeds of $11,500,000. Conner Malaysia sold
the remaining 58,442 shares from the second one-third of its
shares on November 11, 1992, at an average price of $26-1/2 per
share, yielding proceeds of $1,548,713.
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Last modified: May 25, 2011