I have just been having a look at the first lot of notes which are due for redemption or conversion on 19th May. They have a face value of $1.62m and if they choose conversion they get their shares at 90% of the 5 day VWAP. For the last 5 days AVR has traded between a high of $18.10 and a low of $16.50 so I have assumed a VWAP of $17. At that rate they would pick their shares up at approx $15.30 ea. which would give them approx 105,882 shares. If they can knock the price down by another $1 they would pick up another 6,600 shares approx. and if they can get it down by $2 the would pick up approx 15,100 extra. How far can they go? and will it provide a buying opportunity for other holders?
AVR Price at posting:
$16.59 Sentiment: Buy Disclosure: Held
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