EX-99.9 11 ex999necmmdd07.htm EX-99.9 NEC 02/26/07 POTENTIAL IMPACT OF A REVERSE SPLIT 350 SHARES Ex-99.9 NEC 02/26/07 Potential Impact of a Reverse Split 350 shares
 Exhibit 99.9
 
        

Data as of March 31, 2006
Shares
Shareholders
Total Shares
1,731,969
 
Treasury
240,795
 
CEDE
802,496
 
NOBOs
335,424
 
OBOs
467,072
 
Individual SHs1& NOBOs
1,024,102
1,221


To estimate the cash outlay of a 1 for 350 reverse split and then a 350 for 1 forward split, we first identified the approximate amount for individual shareholders and NOBOs:
 
§  
Purchase approximately 95,515 shares at $39.002 per share = $3,725,085
(95,515/ 1,024,102) = 9.33%
 
§  
Eliminate approximately 826 out of 1,221 shareholders.
 
Applying the same composition ratio to OBOs, we estimate the following:
 
§  
Purchase approximately 43,578 shares (9.33% of 467,072) at $39.002 per share = $1,699,542
 
Total Cash Outlay = $5,424,627