GTC Biotherapeutics (fka GTCB)

[DewDiligence]

As reported in an SEC filing today, LFB converted most of its preferred stock into common stock on 3/25/08 at the prescribed 1000:1 conversion ratio:

http://www.sec.gov/Archives/edgar/data/904973/000117911008006645/xslF345X02/edgar.xml

There is no difference in voting rights or liquidation preference between the preferred and common stock, and the only feature specific to the preferred stock is the right to name one director to GTC’s board (currently Christian Béchon). Thus, the rationale for the LFB’s conversion is not immediately clear.

Note: the conversion has no effect on the diluted share count for valuation purposes given in #msg-27519023.