111.   Starwood stock fell sharply after the announcement, at least partly on concerns that some of that money would be used to issue additional shares to buy ITT.

112.   Study after study has shown that companies issuing shares lag behind the market for several years thereafter.

113.   Such a result will only be evident when stock prices heat up again and companies once more hope to issue shares to the public.

114.   Targeted shares give their holders nothing more than a reason to believe they have a financial stake in a subsidiary of the company that issued the shares.

115.   Targeted stock lessens that burden, analysts said, by allowing the new unit to separately issue new shares that could be used for acquisitions.

116.   The agreement calls for the formation of a shell company that will issue new shares in exchange for all the shares of the two component companies.

117.   The acquisition is also expected to be financed in part by issuing additional shares and through debt.

118.   The acquisition will be done through Refuge issuing new shares to United friendly shareholders.

119.   The announcement ended speculation that the company, formed from the merger three years ago of Siebe and BTR, might issue new shares to raise money.

120.   The argument is that under state laws in Oklahoma, where Fleming is incorporated, only directors can vote to issue shares.