No Trading Bank would take shares as security at that day's market price.
More likely they will take the 30 day vwap, discount it by 30-50% to cover themselves so that they can guarantee NC that they won't call up the loan.
(NOTE: most margin lenders (except cfd providers) would only lend say 40-50% on LYC, CS would be no different when determining value/risk).
NC then has a $2-3m Line of Credit to use as he sees fit...Note that the announcement states that UP TO 10m shares will be used.
nic curtis takes out loan with lyc shares as c, page-15
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Last
$6.01 |
Change
0.090(1.52%) |
Mkt cap ! $5.627B | |||
| Open | High | Low | Value | Volume |
| $6.02 | $6.08 | $5.97 | $3.327M | 552.8K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 26 | 9730 | $6.00 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.01 | 3977 | 6 |
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| Last trade - 11.31am 09/08/2024 (20 minute delay) ? |
| LYC (ASX) Chart |