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Strategies & Market Trends : Roger's 1998 Short Picks
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To: BDR who wrote (8858)5/17/1998 2:10:00 AM
From: BDR  Read Replies (1) of 18691
 
Re HEPH:

Do the numbers not add up or is it me?

<<$4 million principal amount of Convertible Preferred
Stock has an initial conversion price of $20.30 >>

At that price he can convert to 197,044 shares. But after seven months the
number of shares will be more or less if the stock price is lower or higher
respectively is my interpretation.

However 197,044 shares at conversion plus the "warrants to purchase 963,808"
don't add up to the total mentioned, the "aggregate of 1,007,538
Common Shares".
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