with an improved company you have an incentive to keep the new shares created -- ERG trade data forum

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Date Posted: 19:19:45 02/22/03 Sat
Author: for number 3--acknowleged though--turbulent period
Subject: with an improved company you have an incentive to keep the new shares created
In reply to: RE: 9.20 divisable 2 ----14.375 - establish - 2/10/02 's message, "Re: YOU WANT SHARE PRICE ANALYSIS? 14.5" on 01:49:20 02/21/03 Fri

The proposed capital restructure involves:

1. Conversion of $13.2 million of unlisted convertible notes to
five-year unlisted convertible notes, with a ten per cent coupon
payable in ordinary shares or cash, convertible at 95% of market at
the time of conversion.

2. Conversion of all listed interest bearing notes to ordinary shares
at a $0.15 conversion price.

3. Following this conversion there will be a 1 for 8 renounceable,
redeemable rights issue of convertible preference shares with a ten
per cent coupon payable in ordinary shares or cash at $0.15 per
share. The rights issue, which seeks to raise up to $50 million, will
be partially underwritten by the major noteholder, and Babcock &
Brown. Each additional security subscribed to will also include a
free five-year option to subscribe for a new ordinary share at $0.20.

4. A subsequent 10 for 1 ordinary share consolidation.

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Replies:

when the 50 million is raised this will go into financiang and investing activities -- No name, 19:31:03 02/22/03 Sat