RE: financingI think that holders of the convertible debs would be able to short north of $32 and feel safe knowing that they are back stopped at the conversion feature of their debentures. Obviously the higher they short the better for them so I don't think that they do it enmasse at $33 or $35 or $40. It is a fly in the ointment for sure but in the big picture, acknowledge and move on.
More positively they get the cash TODAY w/ a lot less dilution today than at $32 - that counts for a lot. As well a low cost of capital without all those ugly restrictive covenants that you would be stuck w/ using convetional debt - lots of cash w/ much greater flexibility. To be honest I wasn't thinking of more than a trade when I bot on Friday but after reading that article I think I'd be a fool to sell any of my pbg. Thanks to the fellow who posted that FP article.
I hate to post targets....maybe consider this as a musing but w/ this type of continued success I don't think that $50 by year's end sounds that out of line? What shareholder's rights plans does pbg have - I think that is a relevant question. I want my pbg to grow on its own, and not be rolled into an Imperial Oil/Exxon behemoth!