Thanks, Russel, for the info.
from the most recent 10Q (bold mine)
The Company's existing capital resources consist of cash,
cash provided by its operating subsidiaries and funds available
under its lines of credit. Typically the Company maintains cash
levels of between $1.0 million and $2.0 million for general
corporate needs, but the Company's available cash increased to
$9.8 million at February 28, 1997 from $317,000 at November 30,
1996 primarily
due to the Company raising funds from the sale of
$15.0 million aggregate principal amount of 9.5% convertible
debentures due January 24, 2007 (the "Debentures") and 1,125
warrants to purchase Common Shares to a group of institutional
investors. The Company used the net proceeds from the offering
of such securities to fund, in part, the acquisition of
Chempower, which closed on March 7, 1997. At February 28, 1997,
the Company and its operating subsidiaries had an aggregate of
$17.2 million in lines of credit, $2.5 million of which remained
available to the Company and $3.0 million remained available to
certain of its subsidiaries.
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FWIW, the company sees $1.20/share earnings for the year, I assume with any dilution factored in. My only other experience with debentures is with ZTEC -- I bought at 10.75 earlier this year. Recently went to 26, now at around 23. |
