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Biotech / Medical : Duramed (DRMD) Synthetic Estrogen Product
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To: Doug Bean who wrote (779)7/28/1998 3:43:00 AM
From: Dante Sinferno  Read Replies (1) of 1837
 
<<DRMD needs another press release >>

It sure would be nice....then I could short at a higher
level than the current 5 and change in anticipation
of their convertible kicking in....

From their 8K filing on Feb 6th :

One half of the preferred shares are convertible immediately
with the remaining half convertible after August 4, 1998. The conversion price for the first half of the Series F Preferred Stock
will be $7.30 per share for at least the first six months. Thereafter, with respect to the second half of the Series F Preferred Stock and any unconverted portion of the first half, the conversion
price will vary depending on the timing of conversions and the market price of the common stock. The conversion price will range from a premium to the market price, to a discount from the market price of the common stock.
At the closing of this transaction, Duramed had approximately 17.9
million common shares outstanding. Depending on the ultimate conversion price, the number of common shares issued in satisfaction of conversion could range from a low of 1,397,000 to a high of 3,582,000, with provision for cash redemption of any remaining unconverted Series F Preferred Stock.

Regards ,

Rob
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