Based on a preliminary count by StockTrans, Inc., the depositary for the tender offer, approximately 3600 shares were properly tendered and not withdrawn. Because stockholders tendered fewer than 16,700 shares, PHLX anticipates that tendered shares will not be subject to the Priority of Purchase provisions set forth in the PHLX’s Offer to Purchase, dated September 22, 2005. As a result, PHLX expects to accept for purchase all shares of common stock that were properly tendered and not withdrawn.
The shares of common stock expected to be purchased represent approximately 3.5% of PHLX’s 101,000 shares of common stock issued and outstanding as of October 27, 2005. As a result of the completion of the tender offer, immediately following payment for the tendered shares of common stock, PHLX expects that approximately 97,400 shares of common stock will be issued and outstanding. As previously announced, PHLX will fund the payment for the shares of common stock validly tendered and accepted under the tender offer from available cash of approximately $3,240,000.
The number of shares of common stock tendered and not withdrawn is preliminary and subject to verification by StockTrans. The actual number of shares of common stock validly tendered and not withdrawn will be announced promptly following the completion of the verification process. Promptly after such announcement, the depositary will issue payment for the shares of common stock validly tendered and accepted under the tender offer and will return all other shares of common stock tendered.
