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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
dMInt011..« nut Intaal haha asJ ChciAosamme Mitst Suler VIte PeoleMI .34 Wed0......k °padden 4 9~ Smet Vim Pecrulail d Riad boom 44.16446.1 11000 CoNtsaa. (bonte nd CluelOseash Oden La4Ineltpault46 Prosit. Cbs.......1Mtnnao. Capente (....shr.s. k ,,,,, ic .•. MAAN of AMIOnsrans9 Omes& Onwrnse Chwro
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
dMInt011..« nut Intaal haha asJ ChciAosamme Mitst Suler VIte PeoleMI .34 Wed0......k °padden 4 9~ Smet Vim Pecrulail d Riad boom 44.16446.1 11000 CoNtsaa. (bonte nd CluelOseash Oden La4Ineltpault46 Prosit. Cbs.......1Mtnnao. Capente (....shr.s. k ,,,,, ic .•. MAAN of AMIOnsrans9 Omes& Onwrnse Chwro
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
dMInt011..« nut Intaal haha asJ ChciAosamme Mitst Suler VIte PeoleMI .34 Wed0......k °padden 4 9~ Smet Vim Pecrulail d Riad boom 44.16446.1 11000 CoNtsaa. (bonte nd CluelOseash Oden La4Ineltpault46 Prosit. Cbs.......1Mtnnao. Capente (....shr.s. k ,,,,, ic .•. MAAN of AMIOnsrans9 Omes& Onwrnse Chwro
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