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Microcap & Penny Stocks : IELSF-Flight to Fortune Or?
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To: hcm1943 who wrote (199)6/7/1998 9:57:00 PM
From: Zeev Hed  Read Replies (1) of 520
 
hcm, you realize that IELSF has about $2.7 MM in preference shares that are convertible into common in a "floorless" fashion. There is a tacit agreement with the holders not to convert if IELSF meets certain conditions (including complex redemption). There is also a preference B series having some floorless conversion features, but I do not think it is particularly big. These might be important if the holders use these as collateral to short against the block. The preference B shares have a ceiling somewhere above $3.

It is a good idea to look at these in more details. The weakness in the last few months might have been due to such floorless securities.

Zeev
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