A conversion dilemma

Article Abstract:

Williams is involved in a range of activities including home improvement products and security services, and planned a merger with Tyco which has been abandoned. The company's stock price suffered as a result, though Williams' activities could be split up and sold. Williams is offering some interesting convertible preference stocks. It is not clear whether the convertibles are expensive or the stocks cheap. Investors may prefer convertibles because they offer relative security from additional income. Williams might also reduce its dividend, which would help to explain the price of the convertibles.

Williams PLC

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R.I.P Hanson warrants

Article Abstract:

Many investors have been hit by a drop in the value of Hanson stock warrants which are scheduled to expire at the end of Sep 1997. Hanson has reduced the warrants' subscription price with each demerger it has carried out. Warrants give holders the right to subscribe to new stock issues at a set price, and the price of the warrant drops sharply if the stock price falls. Warrant holders have been given more warrants with every demerger, but some argue that they should have received warrants in companies demerged from Hanson rather than Hanson itself.

Prices and rates, Stock warrants

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Doing the Hanson splits

Article Abstract:

Hanson is a major conglomerate which is separating into three companies, Hanson, Millennium Chemicals and Imperial Tobacco. The Energy Group is then to be hived off in Feb 1997. Shareholders are faced with administrative problems and many will not want to retain shares in Millennium Chemicals which cannot be included in a personal equity plan (Pep). Shareholders will receive new shares in Oct 1996 and Hanson is providing a low-cost dealing service until Dec 2 1996.

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