Twest,this is by far the most confusing convertible perferred document I have ever attempted to read. Perhaps Sergio would like to tackle this one. Here is the conversion details
"The Conversion Price as of
any date after March 23, 1998 will be the lowest trading price of the Common
Stock during the 22 consecutive trading days immediately preceding the date of
conversion reduced by the Applicable Percentage described below. The "Applicable
Percentage", which is dependent upon the time elapsed after the date of issuance
to the date of measurement, will be 5.000% starting on the first day of the
fourth month and will increase in the subsequent 14 months to 6.125%, 7.250%,
8.375%, 9.500%, 10.625%, 11.750%, 12.875%, 14.000%, 15.125%, 16.250%, 17.375%,
18.500%, 19.750% and 21.000%, respectively. At any date after the first day of
the eighteenth month after the date of issuance, the Conversion Price will be
the lesser of (i) 79% of the average of the daily low trading prices of the
Common Stock for the eighteenth month, (ii) 79% of the average of the daily low
trading prices of the Common Stock for the twenty-fourth month, and (iii) 79% of
the average of the daily low trade prices of the Common Stock for the thirtieth
month (the "Conversion Cap"). The Conversion Price is at all times also subject
to customary anti-dilution adjustment for events such as stock splits, stock
dividends, reorganizations and certain mergers affecting the Common Stock." Sorry,I don't have the concentration to figure all this out..DD
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