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To: gilbert leblanc who wrote (81895)	2/11/2002 11:01:15 PM
From: bill	Read Replies (1) \| Respond to of 116764

Thanks Gilbert, I do see that given the present share price for each $1,000 principal amount of Debentures, the company can convert to common shares by taking the weighted average price for the 20 consecutive days, dividing that by 95% for the share price. If the weighted average price was 1.50 divided by .95 would be 1.31. That would be divided into 1,000 That would get one about 763 shares. Yes? No? Am I doing this right? The higher the share price the fewer shares the company has to issue. However, will not the debenture rise in value as the share price rises? At what point does the conversion become advantageous to the company? Sorry for all the questions but debentures have been a great mystery to me.Any help appreciated. Merci.