According to my sources, the last time that we were above 5.31 we had volume of 12.1 million shares. Fund convertibles (exit) were 8 million shares. Prior to that 10 million shares. So we are moving thru this nicely.
What do you mean "moving thru this nicely"? Are you suggesting that at $5.31 convertible owners (hedge funds) are selling? So the arbitrage play will slowly dissolve? The reason I ask is that the bonds yield 4% and aren't due until 2019. They can't be converted prior to 2019 unless the PPS trades at or above $6.90 (130% of the strike) for 20 out of 30 days prior to a quarter end. Just looking for clarification.
I was told from a good source that not all financing participants took part in both the common equity and the convertible arm - cv. 425% with yield to maturity 3.64%. I was given numbers, but rather not post them because it's not my data.