Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: Zeev Hed who wrote (884)	8/24/1999 4:45:00 PM
From: CMon	Read Replies (2) of 1438

The ASTN language you call confusing: << Beginning on February 18, 2000, if the closing sale price of the common stock is below 75% of the Closing Price, or $7.35 on the conversion date, the Company will have the right to redeem the Series F Preferred shares submitted for conversion at an amount equal to the number of shares that would have otherwise been issued, multiplied by the closing sale price on the conversion date.>> interpretation: the company can choose to redeem for cash (shares they would have issued * price ) if they can't stomach the dilution. This presumes they can get the cash. If not, then there is no floor after the feb 18 date and the shares convert according to the "lesser of" provisions.

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