            [LETTER TO FORMER SHAREHOLDER]
General rules:
     
     * Express concern over shareholder leaving.
     * Ask for a reason why in a non-threatening way.
     * Encourage shareholder to reinvest in company.
                         COMPANY
                         ADDRESS
                     CITY, STATE ZIP



Date
Name
Address
City, State Zip


Dear           ,
     I've been told that you recently sold your holdings in 
our company.  As a large and long-term shareholder, your 
transfer of shares concerns me.  I believe this company is a 
good investment.
     Sometimes stock sales are caused by factors out of our 
control. But other times, a shareholder simply loses his 
confidence in the firm.  If the sale was caused by our 
performance or current policies, I hope you will take a few 
minutes to let me know your concerns.
     I hope your relationship with us has been profitable, 
and that we will soon welcome you back as a shareholder.


Sincerely,



Name
Title

