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Microcap & Penny Stocks : Pacific Diagnostic Technologies (PDTK)
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To: chick in NC who wrote (48)1/12/1997 8:18:00 PM
From: baystock   of 262
 
Chick- I took advantage of the recent weakness to average down, so my average cost now is not too bad. I really appreciate hearing from one of the early investors like yourself. How long have you been involved with this company ? And during this time have you found managment to be competent and having integrity ?

Your two posts are somewhat contradictory regarding the potential dilution of the convertible notes. In your first post you stated:
<The company does indeed have about 6 million shares outstanding, which is more than any of us thought. However, they also had a conversion of notes come due at the end of the year, which could have diluted the standing by another 8 million.>
You seem to be implying above that the notes conversion could result in an additional 8 million shares. But in your second post you say:
<The total value of all conversion notes is about $4 million. Holders have an option of converting to stock or return of loan at 9 percent. The loans were made 2-2 1/2 years ago. Dilution is minimized by a convuluted conversion process that will allow the PDTI to buy back a portion of each conversion, so that the maximum amount registered is $2 million. By the way, PDTI is offering conversion estimating the value at $3 per share, >
Now if that $4 million is converted at $3 per share that is only an additional 1.3 million shares. Which is correct, an additional 8 million shares or an additional 1.3 million shares ?
I ask this because one of the main things I found attractive with this company was the low number of shares outstanding.

Thanks,
Ram

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