From Edgar.. shares, shares everywhere....
" CERTAIN TRANSACTIONS
On December 17, 1998, our stockholders approved an agreement to convert $6.7
million of our debt owned by PICO Holdings, Inc. and its affiliate, Physicians
Insurance Company of Ohio, into convertible preferred stock and a warrant to
purchase shares of our common stock. The following day, we completed the
conversion of the $6.7 million debt, and issued:
(a)19,075 shares of our Series A preferred stock, convertible into a minimum
of 1,907,500 shares of our common stock, to Physicians Insurance Company
of Ohio;
(b)28,791 shares of our Series B preferred stock, convertible into a minimum
of 2,879,100 shares of our common stock, to PICO Holdings, Inc.; and
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(c)a warrant expiring April 30, 2005 to purchase up to 3,106,163 shares of
our common stock at $1.575 per share, to PICO Holdings, Inc.
In addition, we extended the expiration date of warrants to purchase 949,032
shares of our common stock previously acquired by PICO Holdings, Inc. to April
30, 2005.
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