The outstanding share count is now 175,217,249 (as per the Lotz Affidavit) which is up from the previously reported count of 146.6 million. The change was effected in 2 transactions:
1. The conversion of $14.3 million at par value of the 2024 Notes on 08/20/09 into 13,571,428 shares. The implied value of the debt at the exchange date was $2,850,000 (20% of par) based on the $0.21 per share value assigned to the equity on the exchange date.
2. The conversion of $6.1 million at par value of the 2023 Notes on 11/04/09 into 15,000,000 shares. The exchage also included an undisclosed amount of cash paid by MESA to AAR and other contract amendments which provide Mesa with increased flexibility to respond to demand fluctuations in the 50-seat aircraft market.
The net effect of the increased share count of roughly 28.5 million shares was the retirement of $20.4 million of the company's debt. This represents a blended share price conversion rate of about $0.72/share which would have to be reduced somehwat by the undisclosed cash considerations tendered in the AAR swap. At any rate, the conversions appear to have been timely and beneficial to the estate, as a whole, considering the current share price of $0.0422.
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