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Technology Stocks SIGMA CIRCUITS (SIGA)

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To: frank doolittle who wrote (188)	6/4/1998 6:29:00 PM
From: Steve Yucca Valley	of 200

"Superior value" my butt

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To: Steve Yucca Valley who wrote (189)	6/4/1998 6:51:00 PM
From: Creditman	of 200

Steve, Business in the sector is down. Look at Hadco's stock ... off around 50% from its high. DIIG was as high as $35 and is now $17. etc. So If the Continental (bought by Hadco) deal went down at 1X annual sales, doesn't it make sense that now after the slowdown, the value of Sigma has gone down too? Sigma did not have huge cash reserves and PCB business is getting tough so....... they got out when they had a solid offer. I still think it was in completely good faith and I am , was a, Sigma investor too.

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To: Creditman who wrote (190)	6/5/1998 11:34:00 AM
From: D. Braun	of 200

I just spoke to Kevin Kelly about the deal and here are some of his thoughts. He feels the deal is a fair valuation but did in fact say it is on the low end of fair valuation. One of the main concerns in making the deal is that he feels that there is definitely a slowdown taking place in the industry (SIGA is just starting to see some pricing pressures) and he feels that if SIGA stumbles just one quarter, the stock will be punished and it will take a long time to recover. He also explained that with the small float and lack of liquidity, institutional investors were not going to touch the stock and therefore SIGA would not be able to get the following to help its multiple. He did ask for stock deal from TYCO, but in deal of this size, they said no.

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To: frank doolittle who wrote (188)	6/12/1998 1:15:00 AM
From: paul kneitz	of 200

Frank - after seeing what has happened to DIIG and PGTZ recently, I am now believing that SIGA is probably having a real slowdown that will lead to missing this qtrs. estimates. If that happened without the TYCO buyout, it probably would have dropped back to the $6 range...did you see PGTZ get slammed today?? So in retrospect, I'm glad the buyout took place...it frees up cash to invest in other ECM's that are selling at basement bargain prices because of the recent slowdown in the industry.

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To: paul kneitz who wrote (192)	6/12/1998 10:38:00 PM
From: frank doolittle	of 200

Paul, It is my understanding that the money changes hands a few days after July l. Have you heard anything different?

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To: frank doolittle who wrote (193)	6/13/1998 2:58:00 AM
From: paul kneitz	of 200

No I haven't heard anything. I went ahead and sold some SIGA on the market to get into PGTZ yesterday. I think there will be more earnings warnings coming out from other ECM companies over the next two weeks...so you may want to have some cash on hand to jump in on what usually is an overreaction to these announcements. Paul

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To: paul kneitz who wrote (194)	6/14/1998 10:58:00 PM
From: D. Braun	of 200

Just got the proxy materials. Original offer was $12.50 which was raised to $12.75. However, DD showed SIGA was not going to make prjections and price was dropped to $10.50. Must have been a big slowdown.

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To: D. Braun who wrote (195)	6/15/1998 12:16:00 AM
From: frank doolittle	of 200

I would have thought those projections were based on the contracts with H-P, Who figured they would not meet those projections?

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To: Rick Shepherd who wrote ()	6/15/1998 10:13:00 AM
From: frank doolittle	of 200

One other thing, How do you do DD on a job shop where they specialize in two week turn around? They knew this going in, I still think the management sold us out.

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To: Rick Shepherd who wrote ()	7/2/1998 9:52:00 AM
From: NewsTrader	of 200

Sigma Circuits Inc. (SIGA) sees fiscal fourth quarter net income of $0.19 per share on revenues of $21 - $22 million, according to a tender offer statement. These earnings fall below the $0.22 per share analyst consensus estimate. Sigma Circuits is in a merger agreement with Tyco International Ltd (TYC), under which Sigma Circuits shares will be exchanged for $10.50 in cash. Could be trouble.

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