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Biotech / Medical : Texas Biotech (TXB)
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To: Bill Tomko who wrote (136)3/19/1997 2:59:00 PM
From: Bill Tomko   of 834
 
I just spoke to the company and the financing is convertable at any time during the next three years based upon an average trading price over ,I think, 30 day period. Accordingly if the average price is $12 then they convert at 12 If it was $1.00 then they would convert at $1.00. The company can blank them out during any future stock offering at the companies option.The # of shares quoted in the release was based upon todays price. Given the the way this general market is trading and the need to maintain net worth requirements I still think this is a good deal. Look at what the markets,IMO,irrational reaction was to the Monday press release. The safety of the additional net worth more then offsets any potenial dilution and the danger of needing more financing in a general market melt-down. Also keep in mind that the new investors had acess to all the company data and choose to put up $6 million. This in combination with last years LG investment should, IMO be viewed as a large vote of confidence in the company.
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