Updated conversion information
The August 26 closing bid of 4.50 became stale today, and CC will have
to convert prior to one minute before noon ET tomorrow to get this
conversion price. The conversion price including tomorrow's closing bid,
will increase unless the closing bid tomorrow drops to 4 1/2 or below.
Here are the closing bids for the last ten days, and a forecast what
will happen if the closing bid remains at 5 3/8 through the next week:
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
8-Sep 5.6250 4.4240
9-Sep 5.3750 4.4240
Forecast if bid remains unchanged from current bid:
Date Bid Conversion price Shares Shares Lost Each Day
10-Sep 5.3750 4.4556 1,759,000 12,500
13-Sep 5.3750 4.5503 1,722,400 36,600
14-Sep 5.3750 4.7239 1,659,100 63,300
15-Sep 5.3750 4.9027 1,598,600 60,500
16-Sep 5.3750 5.0921 1,539,100 59,500
17-Sep 5.3750 5.2289 1,498,900 40,200
20-Sep 5.3750 5.3446 1,466,400 32,500
21-Sep 5.3750 5.4288 1,443,700 22,700
If CC doesn't convert in this period, under these conditions, they
stand to lose a total of 328,000 shares worth about $1,760,000 at
today's close. By comparison, the current face value of the
convertible preferred is about $7,840,000.
Paul |
