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Non-Tech : Cityscape Financial (CTYS)

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To: sjemmeri who wrote (1608)	11/14/1997 12:28:00 PM
From: Rational	Read Replies (1) of 2544

I think about $50 mil of conv is remaining and at today's price, it will amount to 25 mil shares plus 44 mil outstanding, totaling 69 mil. Applying to the tangible book value of about 150 mil, the price should be about $2 per share. This assumes that the conditions will remain good enough for the price to stay at $2. If the price falls due to a deterioration of these conditions, then the book value per share will also go down. Many of the convertible holders were not eligible to convert. But, of those who were, many did not convert at $1 5/16. This could be because they too felt that the market would not be as exuberant as it is now. Sankar

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