Seconds,
I looked at the notice of the special shareholder' meeting to see if there appeared to be any major changes in the Series C convertibles from the info that I looked upo last night. Some of the information is as follows and may change the numbers from last night. I think the bottom line is that this is one hell of a confusing issue:
1. As of Dec 11, there are 33,370,271 shares outstanding. About 24 million unissued.
2. 1451 of 3000 Series C have been converted into 2,857,000 shares of common stock.
3. Conversion is = to 115% of of the Floating Conversion Price.
4. Conversion could be as late as June 25, 2001.
5. As of the date of proxy, the remaining 1549 Series C could be converted into about 2.9 million shares or about 8.14% of the total number of outstanding shares.
6. Series C stock is generally not convertible until 5 months after agreement subject to certain things.
7. Assuming warrants are excercised, no more than 3.5 million (about) remaining shares of common stock can be exercised.
8. As of the date of the proxy (Dec 14) the floating conversion price was $5.36 ($5.36 x 1.15 = $6.14).
One thing that is very interesting is the statement that the convertibles are "generally" not convertible. What in the heck does that mean? I think that the holders would want to get as many shares converted as soon as possible. Why wait until 2001 and convert at a pirce of $10. It doesnt make sense.
Anyway, I hope this doesn't confuse the issue anymore.
Take care,
Kurt |
