>> GLGS has about 37 mio. shares outstanding and a market cap. of abt 12 mUSD to put the above figures in some perspective. <<
Looks like the conversion factor is probably 1K:1? From the last prospectus......
As of
December 31, 2001, Elan International Services, Ltd. has purchased $1.47
million of the Company's shares of Series B Convertible Preferred Stock
pursuant to such agreement, constituting 862.76047 shares.
From the last 10-K.......
As part of the transaction, Elan International also purchased 2,700,000 shares
of the Company's Common Stock, 1,116.79 shares of the Company's Series C
Non-Voting Preferred Stock ("Series C Stock") convertible into 1,116,790 shares
of Common Stock after two years and a five-year warrant to purchase 381,679
shares of Common Stock at an exercise price of $2.43 per share for an aggregate
purchase price of $5,000,000. Elan International also purchased shares of the
Company's Series A Convertible Exchangeable Non-Voting Preferred Stock ("Series
A Stock") for $12,015,000. The Series A Stock bears a 7% dividend
payable-in-kind. The Series A Stock is exchangeable at the option of Elan
International at any time for all of the preferred stock of SafeScience Newco,
Ltd. held by the Company which, if exchanged, would give Elan International 50%
ownership of the fully diluted equity in SafeScience Newco, Ltd. The Series A
Stock shall be redeemed by the Company, if still outstanding on July 10, 2007
for either cash, shares of Common Stock, or shares of Common Stock and a warrant
of the Company at their fair market value at the time of redemption, at its
option. The proceeds from the issuance of the Series A Stock were contributed by
the Company to SafeScience Newco, Ltd. Consequently, the value assigned to the
Company's investment in SafeScience Newco, Ltd. is the same as the value of the
Series A Stock issued, which was approximately $12,015,000.
edit..... more......
4. On July 10, 2001 Elan International Services, Ltd. ("EIS") purchased
2,700,000 shares of Common Stock, 1,116.79 shares of Series C
<PAGE>
Preferred Stock convertible into 1,116,790 shares of Common Stock after
two years, and a five-year warrant to purchase 381,679 shares of Common
Stock at an exercise price of $2.43 per share for an aggregate purchase
price of $5,000,000. EIS also purchased 4,944.44 shares of Series A
Preferred Stock for $12,015,000.
It's fairly apparent. The shares are worth little now. But if GG is successful, they'll be worth a bundle. Nothing new here, as such was the foundation of the Geaney Ponzi. |
