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Biotech / Medical : ARIAD Pharmaceuticals
ARIA 23.990.0%Feb 17 4:00 PM EST
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To: LLCF who wrote (726)10/12/1999 11:14:00 AM
From: Biomaven  Read Replies (2) of 4474
 
David,

My point is that the 5% restriction doesn't prevent your 1/8 scenario as long as the holders take care to sell ahead of (or simultaneously with) conversion. They can't end up holding 50% of the company, but they can certainly end up selling 50% of the company.

However, we have now clearly seen the low for the year already, and so the conversion will happen now or shortly, assuming they aren't redeemed by the company (have to read the legalese to figure out the redemption provisions).

They paid about $5m for their convert - hence around 10m shares if they convert at $0.50.

Peter
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