Subject: Hanover
From: [email-masked]
To: [email-masked], [email-masked], [email-masked], [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked]
Date: Thu, 15 Mar 2001 21:12:00 -0800 (PST)

Hanover's stock price closed at $35.26 today.  As recently as March 5 it was at $40.50.  Pricing for the secondary offering this afternoon was set at $35.15.  Net of the 4% spread, sellers receive $33.74 per share.  JEDI's net proceeds on 1,173,344 shares sold is $41.2 million (ENA 60% share is $24.7 million).

Although ENA's Hanover position is hedged in raptor, the put price of the costless collar is $34.875.  The unhedged loss is $800 thousand.

JEDI's share of the overallotment is 289,500.  The full overallotment was allocated.  Whether the underwriters' exercise their option is dependent on stock performance for the 30-day option period.

JEDI's remaining 4.3 million Hanover shares are subject to a 120-day lockup.