Twin Butte Energy Ltd TBTEF

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:but you bought this junk!

[HCI_STEEL]

murrarms wrote: Hey Pantsonfire; The conversion is $3.05 per share($305.00 of debentures = 100 shares) : Copied and pasted; The Debentures will be convertible at the holder's option into common shares of Twin Butte ("Common Shares") at any time prior to the earlier of the Maturity Date and the date fixed for redemption at a conversion price of $3.05 per Common Share (the "Conversion Price"), subject to adjustment in certain circumstances. The Debentures will not be redeemable before December 31, 2016. On or after December 31, 2016 but prior to December 31, 2017, the Debentures will be redeemable at Twin Butte's option at par plus accrued and unpaid interest, provided that the weighted average trading price of the Common Shares on the Toronto Stock Exchange during the 20 consecutive trading days ending on the fifth trading day preceding the date on which notice of redemption is given is not less than 125% of the Conversion Price. On or after December 31, 2017 but prior to the Maturity Date, the Debentures will be redeemable at Twin Butte's option at par plus accrued and unpaid interest. Twin Butte shall provide not more than 60 nor less than 30 days' prior notice of redemption.

Not sure exactly what you are saying but if you mean, If I as a deb holder CHOOSE to convert to shares, then yes it is at a 3.05 price, but if the debs came to maturity and the company CHOOSES to  convert to shares then it would be at the ~4.5c rate. BIG difference for existing shareholders, but neither is on the table, after they close the doors next week if the banks want to call their loans. My satisfaction is that they won't get their full reimb.