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Biotech / Medical : Ligand (LGND) Breakout!
LGND 184.82-2.0%Dec 5 9:30 AM EST
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To: celeryroot.com who wrote (25854)9/29/1998 4:33:00 PM
From: bluejeans  Read Replies (1) of 32384
 
Celery,


    The Notes will be redeemable by Ligand on or after the third anniversary of close, in cash at a price equal to the sum of the issue price plus accrued interest, subject to Elan's right to convert the Notes upon receipt of any redemption notice. Elan has the option to require Ligand to redeem the outstanding Notes on the fourth and seventh anniversary of close or in the event of a change of control of Ligand for a price calculated in the same manner. Elan has agreed to hold shares it acquires for two years from the closing and to a standstill at 25% subject to certain conditions. Elan will be granted registration rights under Ligand's current registration rights agreement.

Possibly Ligand will use cash to pay off the note. If Elan requests to have the note converted to stock instead ; it appears that will start a 2 year holding period on the stock. Is that your interpretation also?

Bob
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