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Gold/Mining/Energy : William Resources - WIM-TSE -- Ignore unavailable to you. Want to Upgrade?

To: Brad Humphrey who wrote (1021)	5/7/1998 12:45:00 AM
From: EricVdP	Read Replies (3) \| Respond to of 1326

Thanks for posting the press release, Brad, but I don't understand what's in this proposal for the bondholders. The redemption price (at maturity) is already the LOWER of C$5.40 or 95% of the market price, which is a lot lower than C$0.80. So why is reducing the conversion price worth giving up interest for a year? Are the bondholders supposed to be enticed by the upside from C$0.80, even though the indicated yield to maturity on the bonds is now around 65% per annum? Please explain the reasoning behind this proposal. Thanks as always, Eric VdP