EX-99.C20 23 a10703a3exv99wc20.htm EXHIBIT 99(C)(20) exv99wc20
 

Exhibit 99(c)(20)

Mercury Air Group, Inc.
Comparable Stock-Split Transactions

                                                             
            Stock Split       Pink Sheet   LTM   Market Cap   Premium to Fractional   20-Day Avg.
Transaction   Date   Company   Ratio   Purpose of Stock Split   Quotation   Revenue   EBITDA   At Split   Shares Announced in Proxy   Premuim
1.   2/1/2005   Fidelity Federal Bancorp   1:30,000   Termination of SEC Registration   N/A   $ 1.5       N/M     $ 19.9     None announced-last trade price was $1.81 vs. offer price of $1.85     0.0 %
 
                                                            
2.   1/19/2005   Max & Ermas Restaurants, Inc.   1:200   Termination of SEC Registration   Possible     183.0       12.0       32.6     22.7% and 21.5% premium to 30 and 60-day averages     22.6 %
 
                                                            
3.   1/10/2005   Trek Resources, Inc.   1:100   Termination of SEC Registration   N/A     9.6       4.1       6.4     13.9%, 39.7% and 73.6% premiums over 1-day, 90-day, and 1-year     17.6 %
 
                                                            
4.   12/22/2004   KS Bancorp, Ltd.   1:200   Termination of SEC Registration   Possible     11.6       N/M       26.3     17.7% premium over 90-day average closing price     20.5 %
 
                                                            
5.   12/8/2004   MAI Systems Corp.   1:150   Termination of SEC Registration   Possible     19.6       1.5       6.4     11%, 10% and 7% premiums over 30, 60 and 90-day averages     5.3 %
 
                                                            
6.   11/4/2004   Webco Industries, Inc.   N/A   Termination of SEC Registration   N/A     235.2       31.5       41.9     No specific premium announced     22.2 %
 
                                                            
7.   10/12/2004   Spectrum Laboratories, Inc.   1:25,000   Termination of SEC Registration   N/A     13.3       1.9       12.4     22% premium over price of last trade before announcement     21.9 %
 
                                                            
8.   9/30/2004   Giant Group, Ltd.   1:300   Termination of SEC Registration   N/A     5.3       N/M       5.4     19.4%, 21.7% and 37% premiums to 1-day, 10-day and 5-years     21.8 %
 
                                                            
9.   3/5/2004   Steel City Products, Inc.   1:300,000   Termination of SEC Registration   N/A     N/A       N/A       N/A     20% premium to 12-month average     12.0 %
 
                                                            
10.   2/26/2004   Big Buck Brewery & Steakhouse, Inc.   1:10   Termination of SEC Registration   Possible     16.4       1.3       0.1     73.5% premium to average price during previous quarter     105.5 %
 
                                                            
11.   2/20/2004   Pacific Aerospace & Electronics, Inc.   1:11,000   Going Private — GSC Partners   N/A     62.2       (5.0 )     3.1     Equal to average of last 10 trading days     12.3 %
 
                                                            
12.   1/28/2004   Daleen Technologies, Inc.   1:500   Termination of SEC Registration   Possible     18.2       0.2       5.5     37.6% and 87.5% premiums to last 6 months and year     4.7 %
 
                                                            
13.   1/9/2004   Safeguard Health Enterprises, Inc.   1:1,500   Termination of SEC Registration   N/A     126.5       7.2       11.7     57.3% premium over prior 12 months     18.5 %
 
                                                            
                                                  High     105.5 %
                                                  Median     18.5 %
                                                  Mean     21.9 %
                                                  Low     0.0 %