Exhibit 99(c)(20)
Mercury Air Group, Inc.
Comparable Stock-Split Transactions
Stock Split | Pink Sheet | LTM | Market Cap | Premium to Fractional | 20-Day Avg. | |||||||||||||||||||||||||
Transaction | Date | Company | Ratio | Purpose of Stock Split | Quotation | Revenue | EBITDA | At Split | Shares Announced in Proxy | Premuim | ||||||||||||||||||||
1. | 2/1/2005 | Fidelity Federal Bancorp | 1:30,000 | Termination of SEC Registration | N/A | $ | 1.5 | N/M | $ | 19.9 | None announced-last trade price was $1.81 vs. offer price of $1.85 | 0.0 | % | |||||||||||||||||
2. | 1/19/2005 | Max & Ermas Restaurants, Inc. | 1:200 | Termination of SEC Registration | Possible | 183.0 | 12.0 | 32.6 | 22.7% and 21.5% premium to 30 and 60-day averages | 22.6 | % | |||||||||||||||||||
3. | 1/10/2005 | Trek Resources, Inc. | 1:100 | Termination of SEC Registration | N/A | 9.6 | 4.1 | 6.4 | 13.9%, 39.7% and 73.6% premiums over 1-day, 90-day, and 1-year | 17.6 | % | |||||||||||||||||||
4. | 12/22/2004 | KS Bancorp, Ltd. | 1:200 | Termination of SEC Registration | Possible | 11.6 | N/M | 26.3 | 17.7% premium over 90-day average closing price | 20.5 | % | |||||||||||||||||||
5. | 12/8/2004 | MAI Systems Corp. | 1:150 | Termination of SEC Registration | Possible | 19.6 | 1.5 | 6.4 | 11%, 10% and 7% premiums over 30, 60 and 90-day averages | 5.3 | % | |||||||||||||||||||
6. | 11/4/2004 | Webco Industries, Inc. | N/A | Termination of SEC Registration | N/A | 235.2 | 31.5 | 41.9 | No specific premium announced | 22.2 | % | |||||||||||||||||||
7. | 10/12/2004 | Spectrum Laboratories, Inc. | 1:25,000 | Termination of SEC Registration | N/A | 13.3 | 1.9 | 12.4 | 22% premium over price of last trade before announcement | 21.9 | % | |||||||||||||||||||
8. | 9/30/2004 | Giant Group, Ltd. | 1:300 | Termination of SEC Registration | N/A | 5.3 | N/M | 5.4 | 19.4%, 21.7% and 37% premiums to 1-day, 10-day and 5-years | 21.8 | % | |||||||||||||||||||
9. | 3/5/2004 | Steel City Products, Inc. | 1:300,000 | Termination of SEC Registration | N/A | N/A | N/A | N/A | 20% premium to 12-month average | 12.0 | % | |||||||||||||||||||
10. | 2/26/2004 | Big Buck Brewery & Steakhouse, Inc. | 1:10 | Termination of SEC Registration | Possible | 16.4 | 1.3 | 0.1 | 73.5% premium to average price during previous quarter | 105.5 | % | |||||||||||||||||||
11. | 2/20/2004 | Pacific Aerospace & Electronics, Inc. | 1:11,000 | Going Private — GSC Partners | N/A | 62.2 | (5.0 | ) | 3.1 | Equal to average of last 10 trading days | 12.3 | % | ||||||||||||||||||
12. | 1/28/2004 | Daleen Technologies, Inc. | 1:500 | Termination of SEC Registration | Possible | 18.2 | 0.2 | 5.5 | 37.6% and 87.5% premiums to last 6 months and year | 4.7 | % | |||||||||||||||||||
13. | 1/9/2004 | Safeguard Health Enterprises, Inc. | 1:1,500 | Termination of SEC Registration | N/A | 126.5 | 7.2 | 11.7 | 57.3% premium over prior 12 months | 18.5 | % | |||||||||||||||||||
High | 105.5 | % | ||||||||||||||||||||||||||||
Median | 18.5 | % | ||||||||||||||||||||||||||||
Mean | 21.9 | % | ||||||||||||||||||||||||||||
Low | 0.0 | % |