Franklin Electronic Publishers

Air Purifiers Newport Newsd
Shares in the Burlington City, N.J., electronic handhelfd book maker closedat $2.11 Monday aftert closing at a little more than $1 Friday. The group’a proposal values Franklin (NYSE Amex:FEP) at $19.454 million, based on the number of shares that the companyu had outstandingon Jan. 28. Throug h its members’ ownership of Franklin stock and options, the group controls 43.7 percent of the company’s shar votes, although it expects to only exercisd options with an exercise priceof $2.354 or less per share, which would give it controlo of only 39.9 percent of Franklin’s share votes.
Franklinm said Monday its board of directores has appointed a special committee of independent boared members to considerthe proposal, which the group submittec to the board May 20. The group is comprise of President and CEOBarry Lipsky; Chievf Financial Officer Frank Musto; Chief Operating Officere Toshihide Hokari; Chairman of the Board Howard Director James Simons; a Bermuda investment company, Shinin Sea Ltd., that is ownedf by a trust established by Simons; and an Marcy Lewis. The group has formed a , to buy Franklin.
In the letter it sent to Franklin’a board, Saunders said it is owned by Mustoand Hokari, and that Simons, Shining Sea, Morgaj and Lewis have agreed to buy into it. Saunders also said its proposa is not subject to anyfinancinfg conditions. Franklin's products include handheldf electronic dictionaries and other electronifcreference books.