"so I Want PROOF of the Convertibles, not a Bunch of Irrelevances..."
F. Goelo + + +
tenkwizard.com August 17, 1999, we entered into a convertible preferred stock
purchase agreement with Deephaven Private Placement Trading Ltd. and Hornbower
Investors LLC pursuant to which Deephaven and Hornbower were each issued 150
shares of convertible preferred stock and received warrants to purchase 120,000
shares of our common stock. The preferred stock is convertible into a variable
number of shares of our common stock at the option of the preferred
stockholders. In addition, subject to certain exceptions the preferred stock
automatically converts into common stock on August 17, 2002. Holders of
preferred stock are entitled to receive cumulative dividends at the rate of
seven percent per year, payable in cash or shares of our common stock. We may
redeem the preferred stock at any time, with prior notice, if the conversion
price falls below or equals $1.75 per share. The warrants may be exercised at
any time during the five-year period following their issuance at an exercise
price of $2.43756 per share. In connection with this private placement of
preferred stock and warrants, we issued warrants to purchase 150,000 shares of
common stock to Cardinal Capital Management LLC. Cardinal Capital Management
LLC, who also received a payment of $180,000, acted as a finder in this
financing.
To: C M Burns (1356 )
From: Francois Goelo Sunday, Sep 12 1999 11:32PM ET
Reply # of 1504
I got the 10 hits too but no proof of Floor-less Convertibles...
Instead, I looked at a financing deal, for example where WEC Asset Management bought ADRN shares at 110% of Market value ($4.26/share when it closed at $3.37 last Thursday...), which would seem to indicate a good deal for the Company. I can't see why SFLK wouldn't have obtained as good a deal, so I Want PROOF of the Convertibles, not a Bunch of Irrelevances...
tenkwizard.com.
F. Goelo + + +
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