RE:RE:the warrants and the debentures The official plan right now seems to be: pay an 11 cent dividend for the next 5 quarters, which would use up most but not all of the $20 million that they are allowed to spend on (dividends + common share buybacks + warrant buybacks) under the indenture for the debentures. Then redeem the debentures at par on the first possible date. Then some combination of share buybacks and dividend increase.
If the common share price goes significantly higher than the debenture conversion price, their options change. They could announce that they will pay the 10% premium to redeem the debentures early, and presumably most of the debenture holders will instead convert them to common shares. The 10% premium on the debentures that actually get redeemed will be trivial. Then, they would have a complete set of options.