| Name |
# of Shares in Issuance |
% |
| Xinhua Finance Limited |
50,054,618 |
30.4% |
| Patriarch Partners 1 |
10,139,655 |
6.2% |
| The Fredy Bush Trust/Fredy Bush Family Trust |
9,930,000 |
6.0% |
| Chung Cheng Co., Limited |
8,000,000 |
4.9% |
| Yucaipa Global Partnership Fund, L.P. 2 |
8,574,022 |
5.2% |
| Others |
77,938,345 |
47.3% |
| Total Shares Outstanding (S/O) |
146,914,667 |
100.0% |
| Warrants, options & convertible preferred shares 2 |
25,391,502 |
|
| Total Diluted S/O |
172,306,169 |
|
(As of Sep 30, 2009)
1. XSEL entered into a secured convertible loan facility for up to $80.0 million from Patriarch in October 2008. $33.2mn loan outstanding as of December 31, 2008 is convertible into XSEL's shares after one year at a conversion price of $1.12. Patriarch's ownership would be approximately 21.2% assuming full conversion.
2. XSEL issued 300,000 convertible preferred shares to Yucaipa in 1Q08. 14,000 convertible preferred shares were issued to Yucaipa in year 2008 subsequently as dividends for Q108 - Q308, and 6,000 for Q408 were issued in January 2009. Preferred shares as of December 31, 2008 are convertible into approximately 11.5 million common shares. Assuming full conversion, Yucaipa's ownership would be approximately 10.7%.