I didn't know which of this persons threads to post this too so, as he is talking, Henslow & as I have previously challenged Henslow's potential conflict of interest when writing a report, let's start with the facts & go from there
- Henslow announced as underwriter of 225,812,246 unexercised options on 2.6.2021
- The fees for this were 2%+4% of $11,290,612 or $677,436.72 PLUS 5,000,000 unlisted 5c options exercisable on or before 1.6.2022
- on 10.6.2021 it was also announced (Proposed Issue of Securities) that Henslow were awarded a "Corporate Advisory Agreement" to provide "Corporate Broking Services" for 12 months - the fees being another 10,000,000 10c unlisted options exercisable on or before 30.6.2022 PLUS a one off fee of $100,000 (ex GST) PLUS a monthly retainer for 12 months of $8,333/month (ex GST)
You cannot convince me, one way or the other, that a company receiving such largess can be impartial or that they don't have a major conflict of interest when writing corporate reports about their client (ESR). I don't care how many, or how wordy the inevitable accompanying disclaimers to any such reports are, they cannot be perceived as being independent so any report must be taken with a grain (or bottle) of salt. What do they call it? - "passing the pub test"
l doubt that the "Henslow Report" is going to be the be all & end all which will send the SP soaring. If it does, then so be it & good luck to us all, but always remember who is writing the report & who (apart from all of us) maybe one of the beneficiaries if the SP goes past the various option exercise prices before 1.6 & 30.6.2022
IMO the only thing which will send the SP into orbit will be the discovery of a super large, super rich band of Ni - but then our resident expert (T69) has already claimed that's a done deal & that the Ni is there
As an aside, it is also interesting to note that the shortfall options totaled 144,668,333 (announced 2.7.2021) out of the total unexercised options of 225,812,246 (ie 81,143,913 were exercised) & that Regal appeared on the register (announced 5.7.2021) with 124,167,289 shares so they had accumulated shares or exercised options of their own before seemingly taking some of the options Henslow laid claim to under their underwriting agreement. That would indicate they had an interest in ESR prior to taking some of the Henslow options - good on them!!
(20min delay)