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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: geep who wrote (15357)10/22/1999 8:43:00 AM
From: mooter775  Read Replies (4) of 27311
 
Doug,

This is the first tranche, which was fixed at $ 6.03 per share dividend adjusted.

CC still has approximately $ 4.5 mm of the second tranche available to convert.

Speculation on reason for conversion: CC had fully hedged their initial tranche and some of the shares short against their position were being called away. Hence convert, take delivery, and offset some or all of the delivered shares against prior short position. Short position should therefore decline by the offset amount.

Can't think of any other better reason.

Of course a more optimistic reason would be that they expect a purchase order soon - at least that is apparently what Visnic has been saying as of last night.
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