To Incomep, Where you got the .42 number from I do'nt know. It's to low. 10M shares are reserved for this conversion. Swissray puts "if's" in there filings. The actual conversion date is unknown.
Clip from the 5/11 filing...
The number of shares of Common Stock issuable upon conversion of the Convertible Debentures depends on several factors, including the conversion ratio and the date on which such shares are converted. As of May 5, 1998 if all of the Convertible Debentures (issued in March 1998) were converted based on a 20% discount to the reported closing price on the Nasdaq SmallCap Market on May 5, 1998, the Registrant would be required to issue 7,333,333 shares of Common Stock. Additionally, if the entire balance of the Convertible Debentures
heretofore issued in November and December 1997 were converted based upon a 25% discount on the aforesaid reported closing price, the Registrant would be required to issue an additional 4,293,891 shares of Common Stock, each exclusive of shares which may be issued in exchange for interest earned through date of conversion.
If converted on May 5th than 7.3M shares
If converted on May 11th than 7.55M shares
And so on
If the selling holders do not recieve all 14.7M shares after all the conversions, than Swissray will have some shares left to play with on another day.
This sounds a little closer to what may be converted.
Dave |
