cdnx.ca
.. uph.v has 13.1m shares out, market cap of 44m
ultraholdings.com - 'The company owns approximately 18% (13,230,600 shares) of Ultra Petroleum Corp.,'
From qbx.v release on stockwatch 06 March - ' As a result of this purchase, the company now owns 1.35 million shares of UPH, representing 10.66 per cent of its issued and outstanding shares.'
Now i am presuming that this is in addition to the uph.v convertible debenture from Nov -
'The company will participate in a financing of Ultra Holdings, a company that
trades on the Canadian Venture Exchange under the symbol UPH. The company
will purchase a convertible debenture of $5-million, bearing interest at 8.5 per cent
per year. The debenture will have a term of five years and conversion into units
can occur after the initial 18 months until the end of the term. The debenture is
convertible into units after the initial 18 months at the rate of $2.70 per unit until
the end of the second year after issuance; $3.20 until the end of the third year;
$3.70 until the end of the fourth year; and $4.20 until the end of the fifth year.
Each unit comprises one common share in the capital of the company and one
non-transferable share purchase warrant. '
So 5m divided by 2.70 = 1.85m shares ... plus 1.85m warrants that are in the money, so 3.7m shares effectively ... but leaving them aside for the moment - 1.35m + 1.85m = 3.2m shares held by qbx out of the 13.1 issued, or roughly 25% ... with another 14% or so coming when those warrants are exercised.
Using the 25% of uph, qbx then in a way holds 25% of the 13.23m shares uph holds of up.to, which traded last at 7.36, so uph.v's up.to holdings are worth 97.4mCdn [less than half uph.v's market cap] and qbx.v therefore indirectly holds 24.35mCdn worth of up.to.
'and qbx.v therefore indirectly holds 24.35mCdn worth of up.to.' - while it has a market cap less than 80% of that figure, and cash that exceeds that figure, and significant other assets.
If/when up.to gets taken out, what do they do with uph.v? ... it will have a whack of cash, 100mCdn or more, and qbx will have near 40% of its shares. |
