zum 14.10.09
If the reference price (as defined under “Description of Series R Preferred Stock — Conversion Upon Fundamental Change”) in connection with a fundamental change (as defined under “Description of Series R Preferred Stock — Conversion Upon Fundamental Change”) is less than the applicable conversion price, each share of Series R Preferred Stock may be converted during the period beginning on the effective date of the fundamental change and ending on the date that is 30 days after the effective date of such fundamental change at an adjusted conversion price equal to the greater of (1) the reference price and (2) $8.71, which is 50% of the closing price of our common stock on the date of this prospectus supplement, subject to adjustment. If the reference price is less than $8.71, holders will receive a maximum of 114.8106 shares of our common stock per share of Series R Preferred Stock, subject to adjustment, which may result in a holder receiving value that is less than the liquidation preference of the Series R Preferred Stock. In lieu of issuing common stock upon conversion in the event of a fundamental change, we may at our option, and if we obtain any necessary regulatory approval, make a cash payment equal to the reference price for each share of common stock otherwise issuable upon conversion.
On the surface this states that the common shares that were added from the conversion of the preferred shares given to TPG for the cash infusion can not be transferred until 10-14-09.
Here is the quote from the article linked in the first post:
"WaMu Announces Conversion of Series S and Series T Preferred Stock
SEATTLE--(BUSINESS WIRE)--July 2, 2008--Washington Mutual, Inc. (NYSE:WM) announced the conversion of its Series S and Series T Contingent Convertible Perpetual Non-Cumulative Preferred Stock into common stock following the overwhelming approval by shareholders of two proposals put forth by the company at a special shareholders' meeting related to the Company's recent $7.2 billion equity investment transaction.
As a result of the shareholder approvals and the satisfaction of certain other conditions, all outstanding shares of the Company's Series S and Series T Preferred Stock automatically converted into a total of approximately 647 million shares of the Company's common stock at the end of business on June 30, 2008. Among these shares, approximately 228 million may not be transferred, prior to October 14, 2009, and approximately 89 million shares may not be transferred, prior to January 14, 2009, in each instance subject to certain exceptions. For further details concerning these transfer restrictions, as well as the price reset protections related to these shares, see the sections titled "Description of the Investment Agreement" and "Description of the Securities Purchase Agreements" in the company's Definitive Proxy Statement filed with the Securities and Exchange Commission on May 22, 2008.
Following the issuance of approximately 176 million shares of common in April of 2008 and the conversion of the Series S and Series T Preferred Stock on June 30, 2008, there were approximately 1.7 billion shares of common stock outstanding."
http://newsroom.wamu.com/...newsArticle&ID=1171658&highlight=
http://murielsiebertbrand.edgar-online.com/...NN+R.%22,%22CARLSON%22) -----------
An der Börse sind 2 mal 2 niemals 4, sondern 5 minus 1.
Man muß nur die Nerven haben, das minus 1 auszuhalten. |
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