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Gold/Mining/Energy : Thermal Control Technologies Corp TCT (was Redux Energy)
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To: Saverio who wrote (256)1/31/1998 1:08:00 PM
From: Saverio  Read Replies (1) of 1208
 
I notice there were not many buyers of TCT debentures; of the 7,000 debentures in Wood Gundy's hands, 61 have been sold. This leaves 6939 debentures, which can be converted to 4,336,875 shares effective January 31, 1998. If Wood Gundy decides to convert and dump them on the market, the stock price may be restrained for a while. If, in the meantime, sales and profit growth continue at the same rate, it should build up a strong base for stock price increase once Gundy stops selling (if they decide to convert and dump).
I was a bit surprised the debentures did not sell any better (maybe they were not proactively marketed?): according to my calculations, when taking into account the present value of future interest payments, if I convert into shares in 2002, my cost to acquire one share will have been about $1.35 (whereas they currently trade at $1.80).
Finally, I understand TCT is to issue some news release this week; I don't know what about.
Saverio
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