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DNR - The Financial Noose Tightens At Denbury Resources
Denbury Resources Inc.
Earlier this year Denbury Resources (DNR) management initiated yet another debt swap that resulted in about $245 million of convertible notes issued. These notes are initially convertible into 370 shares per note with a provision that the board of directors can increase that conversion ratio if the board feels this is in the best interest of the company to do so. Currently the potential dilution is approximately 90 million shares and mandatory conversion can be triggered of the stock price trades for more than $2.43 in any 10 day period of fifteen consecutive