This makes NO SENSE! this stinks to high heaven!The NR this morning wrote:
"The terms of the Refinancing Transactions are the result of commercial negotiations between Prometic, SALP and Consonance. The Transaction Price was determined by Prometic following negotiations between Prometic, its financial advisors and Consonance. The Transaction Price values Prometic’s equity capitalization, prior to the Refinancing Transactions, at approximately USD$225 million (inclusive of the liabilities to be converted in the Debt Conversion and inclusive of an increase in the number of Common Shares reserved under the Prometic Equity Incentive Plan sufficient to comprise 15% of Prometic’s post-Refinancing Transactions fully diluted equity capitalization, including $75 million raised by Prometic in the Private Placement and assuming a further $10 million is raised in the Rights Offering)."
They (who the heck is they!) "valued" the equity (including the debt) at $225 Mil but the debt alone was $229 Mil so there was a NEGATIVE equity and NO RECOGNITION for the Billions the investors put in over the years of supporting the reasearch! TV should henceforth be seen as a parraih on the Bay and Wall streets. they are nothing but high faloutant thieves. Beware if they ever want to invest in your promising young company. they will take (steal) it all away from you!