Cmon, If you believe in the short story for ACTN,
how many of the current shorts could be Arbs also
holding the convertible?
My guess is that currently 1.2-1.8M shares short are
from the Arbs/Pros holding the converts.
What do you think?
(100M convertible in to stock @ 48.2 into 2005)
"
On March 24, 1998, the Company sold $100.0 million of 4-3/4%
Convertible Subordinated Notes due 2005 ("the Notes"). The Notes are
convertible, at the option of the holders, into shares of Common Stock at the
initial conversion price of $48.20 per share, subject to adjustments in certain
events. Interest on the Notes is payable semi-annually on April 1 and October 1
of each year, beginning October 1, 1998. The Notes mature on April 1, 2005. The
Notes are general unsecured obligations of the Company, subordinated in right of
payment to all existing and future senior indebtedness of the Company, as
defined in the Notes. The Indenture governing the Notes does not limit or
prohibit the incurrence of additional indebtedness, including senior
indebtedness, by the Company or its subsidiaries. The Company, at its option,
may redeem the Notes in whole or in part at any time on or after April 1, 2001,
at redemption prices set forth in the Indenture governing the Notes. Upon the
occurrence of a "change in control" or a "termination of trading," as defined in
the Indenture, the holders of the Notes will have the right to require the
Company to repurchase all or any part of such holders' Notes at 100% of their
principal amount, plus accrued and unpaid interest. The net proceeds to the
Company from the offering were approximately $96.5 million, after deducting
offering expenses of approximately $500,000 and the Initial Purchasers' discount
of 3.0%." |
