juanly - one thing that some fail to point out is that the company can't convert all the preferred shares anyway with the common authorized where it is.
the common authorized is still 155M.
if there are 69M preferred C convertible 1-to-3, that's great, but only a THIRD of those shares can actually covert.
155M common authorized - 91M common issued = 64M available
64M / 3 = Only 21M of 69M preferred C could be converted.
the company actually addressed this in the PR:
"If the Series B preferred are potentially convertible into a total of 5 million common shares, and the Series C preferred shares are potentially convertible into a total of 450 million common shares, does the company plan to re-raise its authorized shares to accommodate every possible conversion?
No. As previously stated, the company currently has 155 million authorized Series A common shares. Mr. Beebe currently has no plans to ever convert his Series B preferred shares into common; several Series C shareholders have also expressed a similar desire to withhold their potential conversions beyond any restriction periods. Additionally, as with any security, the Board of Directors can elect to register the Series C preferred shares as a separate class of securities with the Securities and Exchange Commission in the future. The Board of Directors may also elect to further reduce the company's authorized shares again, including Series C preferred."
in my opinion, they might just make a unique issue out of it entirely.. maybe PHGIP or something.
so the 'fully-diluted' outstanding can really only be 155M unless they decide to increase the authorized back, which I do not see them doing after their recent actions to get it down here.
thoughts?
** THIS IS NOT AN OPINION TO BUY OR SELL SECURITIES. I am a compensated consultant to Perihelion Global and have been compensated 1,060,000 rule144 restricted shares as well as 15,000 free-trading shares (via John Beebe) for consulting services that include, but is not limited to, press release composition and distribution, website design and maintenance, website application development, and coverage on PQL Research websites. I have intent to sell any non-restricted shares (both purchased and compensated), whether for a profit or a loss, at any time, and for any reason. I have previously bought and sold open-market shares of this security. To date, I have sold approximately 15,000 compensated shares. Nothing I post on public message forums is to be construed as anything other than speculation, and investors are cautioned that I have an inherent bias in my viewpoints and opinions about the company. As a consultant for not only Perihelion, but for other public companies, my views and opinions do not necessarily represent the views and opinions of Perihelion Global, its management, or its shareholders. I am not qualified to render an investment opinion whatsoever and investors should only rely on historically-proven and factual information contained in public press releases and/or filings released by the company for accurate information and representations regarding the company.
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