Well Hello Lee,
do you have your pencil sharpened and handy<g>
Given:
Debentures can converted at 80% of 5 day average closing price.
Per Chip $1,125,000 worth of debentures left to convert.
For arguments sake, will call the average closing price at $.15
$1,125,000/(.80X$.15)= 9,375,000 shares
______________________
Given:
Debt. to APS $3,800,000 biz.yahoo.com
Again,For arguments sake, will call the average closing price at $.15
$3,800,000/$.15=25,333,333 shares.
Total shares to convert debentures and $3.8 million debt with American Physicians Service Group, Inc. to equity**34,708,333 shares
Per Chip,48 m outstanding
Company charter---50m authorized.
It appears from these rough calculations Shareholders will be asked to amend the charter and authorize a minimum of 33 million additional shares....(rough numbers)[$.30 share price would obviously cut this number in half..]
I hate my pencil DD
PS: I would assume the shares(if) issued to APS would be restricted(144? -1 year trading restriction)-only a guess..in fact it is all a guess...
PSS: remember these are a ditchdiggers numbers-not an MBAs
PSS: also remember these conversion numbers were negotiable with,for example the Shaar fund.. |
