Just looked up the grounds for employing Rod Baxter to join Garth Hingo as the new Gun Management team. An amount of the Rights Subscription has to equal the Underwriter figure so that's $8mil as per rat and earlyrises reading of the Prospectus.
$4mil Subscribed and $4mil from underwriter is Minimum for Rod Baxter to join the Board is the Market Dynamic [
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Further I calculated that Allan A Jenks holding of 36 mil shares has him contributing $1.08 mil and Alf Gillman 4 mil holding kicking in $120g so there's $1.2mil from the Board.
With no access to the Top 20, can't do a calculation but its $100g for 3.3 mil # holding
so by the Dynamic of Maths Rights have to be taken up on some 92.5 million# shares to raise $2.8mil plus $1.2 mil from Directors =$4mil.
So those are the Parameters that bring the Dynamic of employing Rod Baxter to the Problem Solving New Team of Management.
So some "ponderings"
Could Ca4h flow Catlow bring more skin/commitment into play? He only has 147,000 shares from the 35 cent placement so is only up for $4gs. He was much heralded on here as an "insider" to Twiggy Forrest "gang" and Institutional Finance so will Catlow kick in for this $2.8mil ?
Of course there's the question of Will Jenks do another $1 mil ? but I'm assuming he will, if only for his reputation's sake.
There's also the "over subscribe" factor. I mean the possibility that a shareholder can apply for more than their 1:3. Could be amongst the Buyers before Cut Off date that the Dynamic is that such over subscription comes into play.
Anyway IMO it is apparent that at least $4mil subscribed is the ambition. Further it is not a probable/likely that Management are thinking that there will be much subscribing from it's Retail ShareHolders Base.
I define a Retail investor as holding under 200k# shares, possibly bought at 30cents +, a $50/60grand parcel now at 9 cents $18g. Just cannot see them sending, another $6g off by the 14th in sufficient numbers to 'dent' $4mil let alone $7mil.
Anyhow looking for Company Confirmation clarifying on the Forum dispute re the UnderWriting terms that NAMES LITTLE threw into the Mix [nothing to do with me JR [my real initials
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Further I wonder WHO the sub underwriters to GMP are?
Could they be Dragon? After all Dragon Shareholders were EXCLUDED as Ineligible, right? Yet UKers were Dramatic? Dynamic? at least, please concede Interesting
(20min delay)