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Non-Tech : Cityscape Financial (CTYS) -- Ignore unavailable to you. Want to Upgrade?

To: Rational who wrote (1609)	11/14/1997 1:06:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 2544

Sankar, I think you are mistaken, on Sep 1996 they had 31 MM shares and Sep 1997 they have 32.5 MM shares. I would not be surprised if the whole 1.5 MM shares difference were option conversion and NONE of the first or second $50 MM convertible preferred shares are accounted in the present quarterly figures. Mind you, these $100 MM show as part of their $890 or so assets (they are shares not debt), so the conversion will not reduce the debt load or liabilities load. Zeev