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Non-Tech : Cityscape Financial (CTYS)
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To: Zeev Hed who wrote (1632)11/14/1997 4:19:00 PM
From: Ploni  Read Replies (1) of 2544
 
The holders of the Series B won't be able to convert of their own volition until March through May of 1998. The company confirmed that nothing has happened to kick in the early conversion provisions. Thus, the company must have voluntarily converted those 151 Series B shares, though I can't imagine why.

When March rolls around, the average stock price at that time will dictate the conversion ratio -- not the price today. The stock may be higher or lower than today, come March. If the preferred shareholder choose to convert, that debt becomes equity, and adds to the book value, though the higher number of shares will dilute the book value per share.
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