Perhaps some on the sell side are from La Jolla Cove once again. They have just had another fund conversion to 130,000 (approx) shares; these shares they converted at a rate of about 32 cents per share, under the terms of the original agreeement. As many posters are aware, La Jolla has been consistently converting loan funs to shares and selling them directly into the market, making a steady premium each quarter. The effect of selling every quarter about 750,000 shares (at say current mkt price of 40 cents) into the market, every time the price looks encouraging, has been to depress the price.
The good news is that there remains in their loan funds only about the equivalent of 100,000 shares. So we're almost done with that influence on the market. Not to be too ungracious, their regular and guaranteed drip feed of funds to VLA has been valuable - but it has nevertheless been drawn from the market, albeit indirectly. You would be forgiven for heaving a sigh of relief, as I'm sure VLA mgt and the Board are also doing.
VLA Price at posting:
39.6¢ Sentiment: LT Buy Disclosure: Held
