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Non-Tech : Auric Goldfinger's Short List
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To: Gerald Walls who wrote (2885)8/16/1999 9:27:00 PM
From: Mad2   of 19428
 
Gerald,I read this to mean that the authorization has limited the number of common shares that can be issued to redeam the prefered. Should the common be below $3.60 per share (not including the accrued interest), then the remaining portion of the prefered shares would be redeamed with cash within the time frame specified.
Kind of a "floorless with a basement". Limits the amount of dilution to common holders and exposes prefered holders to a certian level of risk. Unfortunatly for common holders the prefered holders can still be rewarded should the share price fall below the "floor" as they get a equal number of shares for a smaller amount of their prefered shares. Thus perfered holders benifit from a drop in price of the common below the floor.
Mad2
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