Peggy and Ross (combined) now own 11.5% (22,801,606) of Century's outstanding shares:
*13,951,700 - shared ownership between PK and RB
*8,262,714 - PK's newly converted shares
*335,346 - additional direct ownership by PK
*251,846 - additional direct ownership by RB
In addition to this 11.5% ownership, they also hold warrants that can be converted to 6,000,000 common shares @ $.75 per share. They also hold more than 2 million options, at various prices.
One would say that PK has plenty of incentives to close off some financing for shareholders, right?
Both Carib and I have provided a number of logical reasons why PK's action to convert her debt holdings to shares were intended to be positive for Century. I don't know how many people realize this but PK paid $.10 to convert each of the 4 million warrants to common shares. This is only 3.5 cents lower than the lowest traded Century shares ($.135) yesterday. Century's volume has been low for a few weeks now, as buyers wait for the financing to close (naturally, PK would have been fully aware of this when she made her debt conversion decision). I took a quick glance at the bids yesterday. It was so bad yesterday that (at the point of my quick glance) only 35,000 volume was on the bid side, for the top 5 bid prices combined. As you can see, it is virtually impossible to sell 8,262,714 shares on the open market right now. If it could be done then it would certainly be well below the $.10 price that PK paid to exercise her 4 million warrants.
This is perhaps the most obvious reason of all that points to PK's debt conversion action as being (intended to be) positive for Century, as I believe it completely rules out any ideas people may have about PK converting her debt now in order sell her shares on the open market (at a huge profit) - you know, 8,262,714 shares cannot fit into a hole that is configured for 35,000 shares.
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