The strike price is .71 cents That means if you want to convert your Con Notes to shares you have to pay .71 cents to convert. ( remember the last traded price in the stock is some what lower!*
The CN holder gives up the the principal plus future interest payments.
The company receives the cash component .71 cents as share capital and the issues more shares.
The interest payments on the other 100 M or so notes are due this month.
So if the company receives say 10 M
It can survive for another few months because it pays the $3.5 M half year interest payment to the outstanding note holders.
The suspect the outstanding and the recently converted are the same insto.
LNC Price at posting:
99.5¢ Sentiment: None Disclosure: Not Held
