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Saturday, August 23, 2014 9:20:33 PM
No R/S or buyback needed........
In return, the Company issues them a equivalent amount of preferred shares (ratio) so they still maintain control of the company.
That is how it is possible.
Now they could also pay off the convertible debt prior to Oct. 29. 2014 and returned/retired that amount of shares that could (remember Hanover has the option to convert at there discretion) have been converted (up to 4.99% of the float) back to the treasury.
again, No R/S or buyback needed........
Have a great night and rest of weekend.
ST 1.375M
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