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Non-Tech : Cityscape Financial (CTYS)

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To: Wayne Umfleet who wrote (1323)	10/22/1997 11:12:00 PM
From: Zeev Hed	Read Replies (2) of 2544

Wayne, I am afraid that your calculations need a little revising. First the net book value is now (assuming no additional losses since the end of June quarter) 270 MM. THis because the money received for the preferred is considered an asset. In the last 10Q they mentioned that the book value increased by about $80 MM due to $20 MM profits, issuing of preferred (about 47,5 MM net) and forced conversion of some convertible debentures (at much higher prices) about $13 MM. Since then they issued another $50 MM preferred so you have to add about $47.5 MM to the June number. Now, as for the number of shares, there were 34 MM at the end of June 30, but the 2580 prefered ($25.8 MM face value) were not converted (that was suposed, I believe to be converted to 10 MM shares, but if the owners waited, you still have these $25 MM to convert. Even if you assume that the conversion was to 10 MM shares (and I think some of these $10 MM could have gone for additional conversion of earlier debenture, we need to look again at the appropriate s-3), you must startn with 44 MM outstanding now and $75 MM still to convert at the various prices you cited. I hope it helps. Zeev

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