Ok, that makes sense - each pfd gets four votes if the dividends don't get paid, so that's the conversion rate as well .... so you'd only add the 2.468 to get the fully diluted, not the outstanding, right? ... and there are other minor numbers of warrants or options out, to Perry at least, i think.
I doubt the 2.468 is included in the 16mil ... here, i'll try to copy and paste from page 2 of that Aug 11 'Management Proxy' file -
"As at July 31, 1998, 15,961,581 Common Shares and 617,000 Series 1 Preferred Shares were issued and outstanding as fully paid and non-assessable. Each Common Share of the Corporation carries the right to one vote at the meeting. The Series 1 Preferred Shares do not carry the right to vote except where the Corporation has failed to pay a dividend payable to the holders of Series 1 Preferred Shares, in which case the Series 1 Preferred Shares will each carry the right to four (4) votes at all meetings of Shareholders of the Corporation, while such dividend remains unpaid. In addition, so long as any dividend on the Series 1 Preferred Shares remains unpaid, the holders of the Series 1 Preferred Shares shall be entitled to elect one (1) member to the Board of Directors of the Corporation, which director shall remain on the Board of Directors so long as the dividend remains unpaid. The payment of all dividends payable to holders of Series 1 Preferred Shares has been made."
Not included, imho ... so that makes fd 19.3 + 2.5 = 21.8mil fd approx? |
