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CenterStaging converts $6.8 million of 10% notes into shares of Knight Fuller
By Sheri Kasprzak
New York, Sept. 30 - CenterStaging Musical Productions, Inc. said it plans to convert $6.8 million of 10% convertible promissory notes into shares of its parent company, Knight Fuller, Inc.
The notes, which are due on Dec. 31, 2005, are convertible into common shares at $0.945 each, a price equal to half of the company's stock price calculated over 10 trading days ended Sept. 15.
The noteholders will receive 1,058 shares of Knight Fuller for each $1,000 in principal held. In total, the investors will receive 7.2 million shares from the conversion and another 500,000 for accrued interest through Sept. 27.
As of Sept. 27, Knight Fuller had 48,004,004 outstanding common shares.
The notes being converted were first issued in August 2005 when Knight Fuller acquired CenterStaging.
Based in Burbank, Calif., CenterStaging operates rehearsal facilities for bands.
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