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tions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1993, PP- 459-485. 27 From Bruce Johnson, "Res
11144414%nila roodiona.no ma« on %goal tte sag" stools 9%4904i 409 Jon dam avail olaiumonatn 494.44 91•149 faval 94~ Abi..1•01. Wm. amkamdmommola YaYNau0u1W smvsnamism %Ova"' mowtramon me... Ai pentad! r998891•09 %we • nallcoonl hinboltenreennol dies 1 91 oto hog 5.4•098 rinknnennol et. ordosool 0ffir
tions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1993, PP- 459-485. 27 From Bruce Johnson, "Res
11144414%nila roodiona.no ma« on %goal tte sag" stools 9%4904i 409 Jon dam avail olaiumonatn 494.44 91•149 faval 94~ Abi..1•01. Wm. amkamdmommola YaYNau0u1W smvsnamism %Ova"' mowtramon me... Ai pentad! r998891•09 %we • nallcoonl hinboltenreennol dies 1 91 oto hog 5.4•098 rinknnennol et. ordosool 0ffir
tions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1993, PP- 459-485. 27 From Bruce Johnson, "Res
11144414%nila roodiona.no ma« on %goal tte sag" stools 9%4904i 409 Jon dam avail olaiumonatn 494.44 91•149 faval 94~ Abi..1•01. Wm. amkamdmommola YaYNau0u1W smvsnamism %Ova"' mowtramon me... Ai pentad! r998891•09 %we • nallcoonl hinboltenreennol dies 1 91 oto hog 5.4•098 rinknnennol et. ordosool 0ffir
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