I dont see this as a great deal. This NY fund will continually sell their shares into the market at a nice profit until all 23m ish shares are gone. They have no interest in being a long term holder.
they will get approx 20m shares over all (maybe more depending on price) + 1m immediately for a commitmemt + 2.5m shares immediately as 'a surety' that PGI will actually go ahead with the deal. That sounds very odd to me but it does allow The New York fund to immediately start dribbling shares onto market. +2m 17.5c options for free.
They have already started selling you can bet, having been issues a few million shares a few days ago.
There will be a soft sp until this NY fund is gone from the register. There are many examples of this type of funding( La Jolla...TNR BMB ) and i haven't seen one that didnt suppress the sp.
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