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Biotech / Medical : PHP Healthcare
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To: DENNIS DOCKERY who wrote (60)7/23/1998 9:39:00 PM
From: Jim Mac  Read Replies (1) of 136
 
Any remaining preferred can convert only 20% per month while highest daily low of PPH is at or below $25 during conversion month. PHP has bought back at least 25,300 of the original 70,000 preferred, so maybe about 1/2 remain if PHP hasn't bought those back yet.

This means that, as PPH rises to fair value of $15 - $20 as earnings released, preferred will likely convert at increasingly higher prices, adding only a couple million shares to common, net, after subtracting the 3M common shares PHP should have retired by now, or will have by earnings release next Wednesday. That means virtually NO dilution.
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