Once I see the information provided in the final quarters report I will have not even the slightest doubt about what is meant by, "issue price". Perhaps I am dense or having problems because the word issue, contains the word is. Lacking a definition of this word prevents me from understanding what everyone else already understands.
On September 29, 1998, the Company and Elan Corporation, plc ("Elan") signed a
binding letter of agreement. Elan purchased approximately $20.0 million of the
Company's Common Stock in two installments. On September 29, 1998, Elan
purchased 1,278,970 shares of the Company's Common Stock for $14.9 million
($11.65 per share). The second installment to purchase 437,768 shares for $5.1
million ($11.65 per share) occurred at the closing of the transaction on
November 9, 1998.
Elan purchased from the Company at the closing, $40.0 million in issue price of
Zero Coupon Convertible Senior Notes, due 2008 with an 8.0% per annum yield to
maturity (the "Notes"). |
