PVA has expressed to me that the convert pref issue will in all likelihood never be converted as the appeal of the issue is mainly to yield investors. So the dilution, that looks bad at first sight, will realistically only amount to the eight million new shares though they may have to report fully diluted earnings that take into account the convert.
Still not crazy about con. pref as a means of financing.
How is that spin in anyway positive?!! Think, "...will...never be converted" means the growth potential of PVA will never be attractive enough for preferred holders to trade in the 6% yield. We better hope that's NOT going to be true long term.