Also, in your last post - P/S of 1 is way too low for consumer & Computation Division. That division with a gross margin of 50% should be valued at between 3 and 4. Currently they make $90 millions a quarter, you should be able to calculate its value.
with respect to converts here is the relevant paragraph from '04 annual report
>>>Annual Report 2004 page 79, 80 (PDF file page 56) During the second quarter of fiscal 2003, the Company issued $600 million in principal amount of its 1.25% Notes with interest payable on June 15 and December 15 beginning December 15, 2003. The 1.25% Notes are due in June 2008. Each note, which may be converted at anytime by the holders prior to maturity, is convertible into 55.172 shares of the Company's common stock, subject to certain adjustments, plus a cash payment of $300. The Company, at its option, may satisfy the $300 cash payment by issuing common stock if the stock price exceeds $11.65. The 1.25% Notes are callable by the Company at anytime on or after June 20, 2006. At anytime prior to June 20, 2006, the Company may, at its option, elect to terminate the holders' conversion rights if the closing price of the Company's common stock exceeds $21.75, subject to certain adjustments, for 20 days out of a 30 consecutive trading day period. If the Company issues a notice of termination of conversion rights prior to June 20, 2006, the Company will pay additional interest in an amount equal to three years of interest, less any interest actually paid prior to the conversion date, to holders who convert their 1.25% Notes.<<<
CY owns about 88% of all SPWR shares which are locked-up for 270 days after the day of the IPO. Individuals involved in the IPO have to wait 180 days.