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Gold/Mining/Energy : Altair Nanotechnologies

ALTI 3.915

-1.9%

3:58 PM EST

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To: Rajiv who wrote (273)	3/13/1998 12:44:00 AM
From: Rajiv	Read Replies (1) of 603

There is a redemption clause in the debenture issue. If altif trades below $6.5 for 10 consecutive days, Altair can force a redemption. They will have to shell out 110% of the principal amount and interest. (5.5M +) The proceeds of the debentures (after commissions) was 4.6M (the company will lose a million). [ Assuming that ALTIF is in a position to come up with the $$ to redeem the debentures ] I don't think the debenture-holders will like a redemption (they will most probably not allow altif to close below $6.5 for 10 consecutive days). There should be a rally after the conversion (everyone wants the second half of the deal to go through). With the help of MMs (who are also the underwriters - they stand to make another 0.4M in commissions from the second half of the deal), they can engineer a rally. After the second half of the deal goes through - the debenture holders might go for the kill. Disclaimer : All the above is MHO and is not intended to influence anybody. Everyone is advised to do their own research. Regards, Rajiv

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