Yeah, I saw the tickler from Grant. It's good that some non-hard core biofreaks are noticing.
The Viropharma convertible isn't due until 2007. The company should shine the holders on and get on with the science. That those who hold the notes have such a fearless grip on the price leaves only one conclusion, IMO. Criminal activity is not an accusation. It's an extension of logic.
I'm truly ticked. de Rosen has just rolled over and played dead.
Here's a description. An acquiring company can assume the debt if it's a stock-for-stock deal........
The Company made a private offering of $180 million of Convertible
Subordinated Notes due 2007, which closed on March 8, 2000. Net proceeds from
the issuance of convertible subordinated notes were approximately
$174,400,000. The notes are convertible into shares of the Company's common
stock at a price of $109.15 per share, subject to certain adjustments. The
notes bear interest at a rate of 6 % per annum, payable semi-annually in
arrears, and can be redeemed by the Company, at certain premiums over the
principal amount, at any time on or after March 6, 2003. The notes are
subordinated in right of payment to all senior indebtedness of the Company.
The notes may be required to be repaid on the occurance of certain fundamental
changes, as defined. |
