We've just had our example of what can be achieved under the proposed conditions for the new notes that Giddy and I have been going on about.
508 shares were purchased for a total price of $1, (actually $1.016). This has knocked 33% off the theoretical market value of MST. If the new notes were able to be converted now and the price persisted until the end of the day, the noteholders could the next day convert at .0018 instead of .003.
It's alright to say "let's trust TOD as he's worked hard and managed to keep the company going", the fact is that once notes are issued under these conditions it is out of his hands.
There should still be a bottom price for conversion of notes and it should be not less than the issue price of the new shares. Otherwise current holders are going to get roasted.
Who is going to subscribe to the new issue under these conditions? Absolutely crazy!
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