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Strategies & Market Trends : Floorless Preferred Stock/Debenture
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To: Zeev Hed who wrote (507)6/27/1999 11:18:00 AM
From: surelock  Read Replies (1) of 1438
 
Zeev,
<TMSR>
From their press release describing the financing:

"During the period commencing on the date 90 days and ending on the date 300 days after the June 9, 1999, the conversion
price will be the lesser of (a) $24 or (b) 88.89% of the average of the lowest 10 closing bid prices per share of the company's
common stock during the 25 trading days preceding the conversion date."

My thought on first glance was that holders may orchestrate
weakness in the stock after 90 days in order to maximize the
number of common
they would receive. It seems, however, that the small size of
this financing, and the restrictive terms on conversion would
not in itself lead to a lower share price.
Thanks again for your informative comments.


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