Why would any Mt Kellett bond holders convert a face value of $1.25 (earning interest and ranks ahead of ordinary SH's) to a 86c share?
Makes no sense to convert until the SP is in excess of $1.30 or so but why even convert then? Why not sit on the coupon for a few years and just convert if you want to take (hopefully) profits (sell shares) or before final redemption?
I was a little miffed existing SH's couldn't participate in the bond raising but given the SP performance I'm relieved we didn't!
can mt. kellet demand repayment than conversio, page-12
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