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Enterprising Investor

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Re: ErnieBilco post# 493

Thursday, 09/15/2016 9:54:05 AM

Thursday, September 15, 2016 9:54:05 AM

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No change for common shareholders.

The filing was designed to provide clarification that holders of options, warrants or contract rights to purchase or acquire common stock will not receive any distributions. This verbiage should have been included in the earlier Plan and Disclosure Statement.

In reality, I cannot see how anyone holding an out-of-the money option or warrant would actually exercise.

The weighted-average grant-date fair value of options granted in 2015, 2014 and 2013 was $5.12, $7.78, and $6.05 per share, respectively. Warrants were exercisable at $6.60 per share.

"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International

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