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Microcap & Penny Stocks : Rentech(RTK) - gas-to-liquids and cleaner fuel -- Ignore unavailable to you. Want to Upgrade?

To: Andrew H who wrote (10883)	10/14/1998 12:03:00 PM
From: LAWRENCE C.	Read Replies (2) \| Respond to of 14347

Floorless Zeev's posts are ensuring we do our homework. Andrew H, after rereading the 1997 annual report I concluded that once issued the Series B Preferred Stock is floorless. It is convertible "at 82.5% of the average closing bid for the five trading days preceding the date of conversion". Based on last 5 days closing 4.75/5=.95 .95*.825= .78 So Series B would be convertible at .78 a share based on last five days. Bid of 15/16 is .90625. So selling of convertibles plus other selling led to a meltdown prior to the deal being announced which without the announcement could have resulted in a lot more dilution if we had kept closing lower. Now that the Tx deal has been announced we could still have some weak days but IMHO the average RNTK closing price should gradually improve. So far the Bid has held at 29/32 today which is an improvement over yesterday. Lucky Lawrence Lucky Lawrence