This solution is designed to quickly improve the health of Valient’s balance sheet and avoid cumulative dilution for both shareholders and convertible bond holders.
Additionally, its designed to provide all stakeholders with share count vision and transparency over the foreseeable future.
Step 1: Set aside 100M shares in treasury for convertible note offering through a buyback and a set aside of current shares in treasury (no dilution)
stock buyback – buyback enough stock so that you can set aside 100M shares for the convertible note offering.
add an appropriate number of shares from treasury to the bought back shares to get to 100M shares (no dilution)
Step 2: Issue $7B in convertible notes that take out the current debt due in 2020 and part of 2021.
$7B in convertible notes may be converted into 100M shares of stock based on the following criteria
Conversion price … Read More »