Ann: India Project Proceeds to Next Stage, page-286

Sholtz posted:
BTW. Other shareholders paid up around $4.5m to convert their options to assist the company to get to this point which has been to the benefit of all shareholders.
It would be great if ELF holders did some of the heavy lifting now that the finish line is in sight along with what could be a reasonable incentive to do so.
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On 14/07/17 LT paid $408,000 cash to convert 27.2m esiob. The share price was 1.3 at the time. So why did LT pay 1.5 & take a loss? Because ECT needed cash. He could easily have put them in the ELF & capitalise the lot. From memory, he was the only one who exercised esiob. I know LT has never sold one share either.

Sometimes, you just have to do what's needed to keep the show on the road. I know Iain McEwan has done similar things over the years.

I have no idea what ECT have planned, but I assume it's going to be mostly about incentivising the ELF. Zero interest should work ok for the 0.9ers - but what about the 1.5ers? I think the ELF is mostly 1.5ers?

Some have suggested it may be legal to reduce the actual 0.9/1.5 numbers? Its Do or die. Hopefully ECT heavily incentivise the ELF to get as much $ in as possible. If they need $3m cash - aim for $6m. All imo.

tick tock...