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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis
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To: Dale Baker who wrote (763)12/1/1997 10:47:00 AM
From: Q.  Read Replies (1) of 2506
 
Dale, I just spoke with SHEL's CFO. None of the convertible preferred has converted. The CFO doesn't know when they would be motivated to do so. He mentioned that the holders have told him they liked the 5% interest they earn while they wait.

IMO, since the terms of the conversion are a 1% premium to a 5-day average market price, the offshore holders won't necessarily pound the stock price they way they would if it were a discount. Anyway, the placement only represents 10% of market cap, so it isn't huge.

I asked the CFO if his liquidity situation is tight, and he said that it remains that way, and he is working on that right now.
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