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Wednesday, June 06, 2007 3:37:12 AM
iii) eighty two percent of the volume weighted average price on the
trading day prior to the conversion.
you just need ONE day with 0.0004 and only the volume of this day would be relevant.
So ONE trading day with only ONE trade at 0.0004 and no other trades would be enough.
For option iii there is not massive dilution necessary,
just one trading day with a low PPS is necessary.
IMO volume weighted means intrady volume.
But another question:
i can not find any exclusion that GGI is not allowed short selling of GZFX shares.
Does anyody know if this is true ?
Because that means GGI has all possibilities to manipulate the PPS.
They can sell short till the PPS is at their preffered level,
then they cover with 82 % discount
and at the same time they can convert up to 9.99 % of the OS.
In (for GGI) optimal case, they can convert nearly 20 % of the OS,
9.99 % via short selling
9.99 % after they have driven down the PPS with short selling
and they have covered all shorts via conversion.
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