McWhorter Tech Inc [MWT]

First Call/Thomson Financial Insiders' Chronicle, July 26, 1999

The market's renewed interest in Cyclicals apparently had little impact on shares of McWhorter Technologies, Inc. Despite a small pop last month, shares of the issue are still down 38% for the past year. What has more likely lifted the stock has been recent takeover speculation. In an industry that continues to streamline, McWhorter has been singled out as a potential take over. And there's more. Insiders--even before the release of a publicized brokerage house takeover list--were picking up stock on the open market. Keep in mind, we have seen little buying at other companies in the takeover group, (except for insiders at Airgas). In summary of the recent activity, from May 17 through June 17, five insiders purchased a total of 22,905 shares at prices ranging from $13.13 to $14.97 per share. Leading the way among purchasers, Chairman John Stevenson purchased some 13,405 shares. While only his second series of open-market purchases, this buying cluster represents his largest on record (going back to '94). Next, President and CEO Jeffrey Nodland bought some 5,000 shares. These series of open market purchases are his first (also going back to '94) and also his largest acquisition on file. Director George Harris picked up some 2,400 shares, in his first open-market purchase on record. Director Heinn Timfohrde picked up 2,000 shares. Including the 5,000 shares he purchased earlier in the year, these series of acquisitions are by far his largest acquisitions to date. Lastly, VP Acquisitions Kevin Brolsma bought a more modest 100 shares. You may have heard that beneficial owner Christopher Wurtele "gifted out" 345,520 shares. We are inclined to overlook this activity, as it appears to be quite routine. Mr. Wurtele has never purchased stock on the open market since his initial filing. McWhorter Technologies, Inc. is a specialty chemical company which develops, manufactures, and markets a broad range of resin products and colorants used in coatings and composite polymer industries.

[Chart OMITTED]

Charts Courtesy of BASELINE 61 Broadway, Now York NY 10006 (212) 509-6556 Fax: (212) 785-0262