VALENCE TECHNOLOGY (VLNC) Message Board

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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: Larry Brubaker who wrote (9604)	3/20/1999 4:00:00 PM
From: kolo55	Read Replies (2) of 27311

Lets recap a bit here. This started when you indicated that convertible preferred shares and warrants are not included in the Beneficial ownership calculations for the SEC filing. You said that they weren't included until they were converted to common shares. I disagreed then and disagree now. Convertible securities are included in the beneficial ownership calcs. So when the filing reveal the benefical ownership of Castle Creek is 1.375M shares, it is not an idication that they have converted some preferred shares to this number of common shares. In reality, Castle Creek has not converted any preferred shares as of Feb 10. This number is simply 4.9% of the outstanding shares figure that Valence has used, and is set at this point because of the clause in the agreement with Valence that only allows conversion of the preferred to the point where Castle Creek holds 4.9% of the common shares, as explained in the footnote. Here is my original post today on this: Message 8428738 Castle Creek had not converted any preferred shares as of February 10. The filing clearly says this. Surmises on this thread that they had converted, were wrong. Paul

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