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Microcap & Penny Stocks : PKGP (Packaging Plus)

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To: TraderGreg who wrote (4052)	6/23/1998 5:51:00 PM
From: John S. Baker	Read Replies (1) of 4783

I, too, wondered about the $4 million and the $6 million tranches, and their applicability to the convertible preferred. Perhaps ICC will comment, but what it means to me is that the $4 million basically went to paying off the earlier floorless convertibles. The $6 million is for various planned acquisitions. That being the case, the press release very carefully outlined the maximum, ie worst vase from a dilution standpoint: paraphrased as "if all this happens the most you current stockholders will lose is 4 million shared added to the float, and only that much if the planned acquisitions happen." Such an interpretation is a pretty good deal for the current shareholders, I would say. Differing opinions welcome. JSb.

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