A bit confusing but it looks like Convertible note issued on approval at agm on 22nd November and then conversion a year later on or around 25th November at the variable price.
The $1.6 mil looks like it will see them through until the 2013 AGM.
At least the new shares are in long term investor hands and not some brokers sophisticated client list which would provide an overhang.
I guess it takes the pressure of PYC Directors in the interim while they nail down these long awaited deals. Dr Hocking must be extremely confident it will alll work out and probably thinks he has the deal of a lifetime. We will see I guess.
Overall should provide more confidence in PYC going forward with the current sp being a floor in the interim.
PYC Price at posting:
2.5¢ Sentiment: Buy Disclosure: Held
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