Replies to post #85961 on Biotech Values

[mcbio]

Re: CYCC preferred stock (10-K discussion)

I did not take that into consideration before and obviously one should do that. Thanks to rkrw for indicating there are 2 million preferred shares that are accruing unpaid dividends. I'm curious what the dividend rate is and how long ago the preferred shares were issued. I'll try to dig around and find that as it would be helpful to know.

The most recent 10-K discusses the preferred shares in detail on pages 97 and 98. See:
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6513256-973-572501&type=sect&dcn=0000893220-09-000704

In particular:

1. 2,990,000 preferred shares of 6% convertible exchange preferred stock issued on 11/3/04 at $10 per share.

2. Preferred shares convertible into common stock at conversion rate of approximately 0.42553 shares of common stock for each preferred share.

3. There are about 2 million preferred shares outstanding after deducting those that have already been converted into common stock. Annual cumulative dividend is about $1.2 million based on 2 million preferred shares at 6% of $10.

4. CYCC has reserved 870,980 shares of common stock for issuance upon conversion of the remaining preferred shares as of 12/31/08.