10 June 2005capital raising announcement● NeutralMajor
All holders of the 950,000 outstanding 6% Convertible Preferred shares chose to convert instead of being redeemed for cash on June 6, 2005. They receive about 2.8571 common shares each, around 2,714,280 shares in total, plus $270,750 of accrued dividends. The preferred is no longer outstanding, and existing common holders are diluted by the new shares.