Ann: Trading Halt, page-216

Some shareholders (the sophs & instos that have their allocation from the CR) may dump on open to free up cash to pay for their new 5.6c shares. $12.75M placement @ 5.6c = 227,678,571 new shares.

Retail may dump a few as will most likely only get a few back via SPP.
$2M SPP @ 5.6c = 35,714,285 new shares.

262,392,856 new shares. There will also be $27.5M @ 5.6c = 491,071,428 new shares to Kaddy holders most likely in escrow & cannot be sold for a year.

753,464,284 new shares + 1,781,806,349 = 2,535,270,633 shares on issue after CR/SPP & acquisition. EDV has 1.79B shares on issue in comparison.

Have been involved in a few CR/SPP where SP took off but not many.

Probability wise more likely SP will go down than up.

Dividends are a long way away. Fastest path to dividends is via EDV takeover.

With the 2.535B shares on issue there will be another 100M issued to DT, 25-30M for Parton's, 20M to Bibendum & up to 120M performance options to Kaddy = 2.705B. Will be $1 SP at $2.705B MC in leau of $1.78B MC with current shares on issue = up to 34.2% dilution.