Updated conversion information
If the closing bids today through Thursday stay above 4.50, then the
conversion price will begin to go up. The August 26 closing bid of
4.50 becomes stale on Thursday, and CC will have to convert prior to
one minute before noon ET Friday to get the lowest conversion price.
Here are the closing bids for the last ten days, and a forecast what
will happen if the closing bid remains at 4 7/8 through Friday:
Date Bid Conversion price
23-Aug 4.8750 5.1026
24-Aug 4.7500 4.9974
25-Aug 4.5625 4.8711
26-Aug 4.5000 4.7607
27-Aug 4.3125 4.6344
30-Aug 4.3438 4.5450
31-Aug 4.3125 4.4714
1-Sep 4.2500 4.4240
2-Sep 4.5625 4.4240
3-Sep 4.6875 4.4240
7-Sep 4.8750 4.4240
Forecast if bid remains unchanged from current bid:
Date Bid Conversion price Shares Shares Lost Each Day
8-Sep 4.8750 4.4240 1,771,600 0
9-Sep 4.8750 4.4240 1,771,600 0
10-Sep 4.8750 4.4556 1,759,000 12,600
13-Sep 4.8750 4.5503 1,722,400 36,600
14-Sep 4.8750 4.6397 1,689,200 33,200
15-Sep 4.8750 4.7344 1,655,400 33,800
16-Sep 4.8750 4.8396 1,619,500 35,900
17-Sep 4.8750 4.8922 1,602,000 17,500
If CC doesn't convert in this period, under these conditions, they
stand to lose a total of 170,000 shares worth about $825,000 at
today's close. By comparison, the current face value of the
convertible preferred is about $7,840,000.
Paul |
