Oshap Technologies Ltd, Antwerp, Belgium-based supplier of computeraided engineering workstations, flexible machining systems, and standard automation products, with interests in hyperthermia equipment and software products for inter-bank communications, has filed with the US Securities & Exchange Commission for a public offering of 10,000 units consisting of $10m Convertible Subordinated Debentures, which may be converted into ordinary shares during the next five years; 1m Series 1 Warrants, exercisable into the same number of ordinary shares at $5.00 per share for two years; and 650,000 Ser-es 2 Warrants exercisable into the same number of ordinary shares at $10.00 per share for three years. The debentures are convertible immediately and both series of warrants can be exercised from January 1, 1992. The debentures will be subordinate to all senior debt of the company. Each unit will consist of $1,000 principal amount of debentures, 100 Series 1 warrants and 65 Series 2 warrants. Interest rate and conversion price of the debentures will be established prior to the effective date of the offering. The company looks for net proceeds of about $13.5m, plus another $11.5m when and if all the warrants are exercised. The company can redeem the debentures at par and the warrants at $0.05 a time if the average closing price of the company’s shares on NASDAQ exceeds $14.00 per share over a period of 30 consecutive trading days. Oppenheimer & Co Inc underwrites.
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