Wrong Moby, The Agreement specifically provides for splits.
Okay, this has gone on long enough...
From the 8-K filed 3/17/06:
"Each Right entitles the registered holder to purchase from PPHM one one-thousandth of a share of Series D Participating Preferred Stock, par value $.001 per share, of PPHM (the "PREFERRED STOCK") at a price of $11.00 per one one-thousandth of a share of Preferred Stock (the "PURCHASE PRICE"), subject to adjustment."
The R/S only applies to common shares, not the series D preferred that were allocated for the shareholder rights plan.
Regards,
moby
P.S. Yep, 325MM authorized, my bad...
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