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Ann: Letter to Shareholders - Upcoming EGM, page-39

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jake0002

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07/04/18

17:09

Post #: 32292895
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Originally posted by Inductor ↑

So Good_Coin,

this would indicate that you are happy to vote against the resolution - correct? That way, the only way those shares could be issued is with the permission of the shareholders or in the event of one of those triggers occurring.

If we have a look at the terms of the c/n we can see just how reasonable they are:

Firstly, only interest is payable regularly, the principle is payable at the end of the term:

View attachment 1047307

So the company is liable for some US$112,500 per month just in interest. So perhaps we can pay back some capital:

View attachment 1047310

If you decide to pay back (say) US$5M after 2 years, you have already paid 27% interest in simple terms and you get another 4.5% for your (success?) good efforts - in simple terms it's 31.5% after 2 years. Not forgetting, of course that the original loan was instantly docked for 4%, so we now have 35.5%.

I don't see these terms as being all that wonderful....

Now, you could just do a debt for equity swap for the principal amount (i.e. exercise the conversion) as is allowed, and none of that shows against your earnings - you just get a reduction in liabilities for a change in equity.

I don't have a problem with this per se, but I think that the shareholders should be a part of that decision at that time.

Expand

so was proper Disclosure made when this deal was announced???
was the material terms of the C/N announced to the market, and provided in the other reports etc, when appropriate. Would a "reasonable person" have expected that these significant terms have been provided? Would participants in the sale and purchase of shares in AJX, have considered these matters material to their decision to buy or sell??

AJX Price at posting: 21.0¢ Sentiment: None Disclosure: Held
3 Upvote

0 Great analysis

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Ann: Letter to Shareholders - Upcoming EGM, page-39

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Ann: Letter to Shareholders - Upcoming EGM, page-39

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