PEIX: Pacific Ethanol: Cascade Investment discloses 25.5% stake
2006-04-24 06:17 (New York)
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PEIX: Pacific Ethanol: Cascade Investment discloses 25.5% stake; all shares
beneficially owned by William H. Gates III as the sole member of Cascade
(30.12)
From SC 13D filed after the close on Friday (4/21): "On April 13, 2006,
Cascade Investment, L.L.C. acquired 5,250,000 shares of the issuer's Series A
Cumulative Redeemable Convertible Preferred Stock at a price of $16.00 per
share. Each share of Series A Preferred Stock is convertible at any time at
Cascade's option into a number of shares of the issuer's common stock equal to
the quotient of (x) $16.00 divided by (y) the conversion price in effect at
the time of conversion. The conversion price per share of Series A Preferred
Stock is currently $8.00 and is subject to anti-dilution protection and other
adjustments as set forth in the Certificate of Designations, Powers,
Preferences and Rights of the Series A Cumulative Redeemable Convertible
Preferred Stock. Using the current conversion price, Cascade's 5,250,000
shares of Series A Preferred Stock are currently convertible into 10,500,000
shares of the issuer's Common Stock. All shares of Common Stock held by
Cascade may be deemed to be beneficially owned by William H. Gates III as the
sole member of Cascade.
