As of 30 June, the o/s was 24.3 million shares. Now Riad's been issued 7,031,282 shares. That's pretty considerable dilution. In addition, he now has an enormous amount of convertible preferred.
Shareholders have relatively tiny amounts of common and preferred. As originally explained by King, the idea behind this scheme was that shareholders would see large dividend payments to make up for the effective surrender of most of their common.
Janice..it may be time to quite while you ahead. King said even the largest shareholders would only be able to redeem 3 to 5 preferred shares at every asset level.
Riad may be the exception due to his 700 million dollar injection. He may have received 7 million preferred but the company received 700 million in assets which will secure an underwriter to cash out the long holders 1 to 3 preferred each round. its more than a fair solution.
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