RE: Hurricane Shareholders12 Apr 2021 23:15
Good evening dflynch.
re: "I believe you to be incorrect on what you have stated regarding a “forced conversion” clause. The CB holder has NO choice, or right to demand the newly issued shares, or receive the cash alternative, before maturity in July 2022. "
I note that you are sticking with your mistaken belief that the Holder cannot convert at a time of his choosing before the maturity date.
wrt the 'mop up' clause [it was actually called a 'clean-up call' in the RNS of 30June2017], and to force your thinking as correct you choose to dismiss this clause as 'sloppy drafting'; rather than trying to understand how any CBs might have been 'previously converted', and how/why 85% converted might have occurred.
Moreover, if they cannot choose to convert when the CBs approach $300,000, why would they agree to a clause that then just gives them their principal back?
I readily admit I was wrong to use the word shares (a post-prandial moment) when the clause under discussion said CBs, which gave you the opportunity to dodge the question, even though you knew what it was, lol.
I note that you now have used the word 'redeem', whereas previously it was 're-purchase' as per the CA suggestion.
I agree they cannot redeem the CB’s piecemeal, but that does not preclude them buying [or re-purchasing] in the market place.
That is why the phrase includes the word 'purchased', and why your initial assertion was false.
As to the final paragraph, sorry you found it unintelligible. It was simply stating that currently the BoD are saving up so as to be able to return the original principal of $230m when it becomes due on 22 July 2022. The alternative, of course, is to default and let the BHs take all they can, as I wrote in my first helpful reply.
GL
joe
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