The conversion prices are subject to anti-dilution provisions that may reduce the previously mentioned conversion prices in certain restricted circumstances; however in no case shall the conversion price be less than the Market Price reserved for the Private Placement.
In no event will the conversion price on the common shares issued as interest be less than the Market Price reserved for the Private Placement.
77 principal amount and accrued interest relating to its February 2003 secured convertible debentures to an aggregate 4,410,594 common shares of the Company, at conversion prices
equal to the previously fixed conversion price
Based on the respective conversion prices of the Outstanding Debentures, including the estimated interest accrued under such debentures as of the Charter Amendment Filing Date, the Outstanding Debentures are convertible into an aggregate of approximately 20.
Based upon the Conversion Price and estimating the interest accrual on the 2004 Debentures prior to the Charter Amendment Filing Date, the 2004 Debentures with an aggregate principal amount of $14 million would be convertible into approximately 22.
The conversion prices
of shares issued in the later tranches will be subject to minimum and maximum prices of $3.
On June 12, 2003 the Company announced that it had reached agreement and implemented a restructuring plan with all of its convertible note holders to waive all outstanding defaults and set fixed note conversion prices
Effective June 20, 2003, the adjusted conversion prices
for the Debentures are:
Mooney Aerospace Group, Ltd (OTCBB:MASGE) announced today that the Company has reached agreement and implemented a restructuring plan with all of its convertible note holders to waive all outstanding defaults and set fixed note conversion prices
Under the terms of the convertible debentures, the conversion prices
were initially fixed at prices ranging from $26 to $29 per share.
NYSE: AMX; Toronto: AXI) today announced that its Alumax Distribution and Industrial Products business unit will increase sheet and coil conversion prices
on depot shipments of all alloys (except alloys 5083, 5086 and 5454) by $0.
The conversion rates and conversion prices
for these securities will be as follows: