Happy new year @Steini (HotCopper still hasn't fixed the reply issues unfortunately)
The figures come from the three announcements made yesterday. If you look at the Proposed Issue of Securities, CHM was required to disclose the SP used for the $1.1m issue and also the value of the options.
If you offered 2.8c, but they went with Lind anyway, then shareholders are worse off. But Paul would just cite the "exiting arrangement with Lind being easier to operate then setting up a new finance arrangement" as his rationale.
But this shouldn't be the biggest concern of CHM shareholders - their biggest concern should be the ridiculous management salaries in the face of chronic under-performance. Their absolute refusal to reign in salaries in the face of bleeding so much cash and with snail's pace clinical trial progress has resulted in the need to do deals with pay-day lenders.
Clarity (CU6) - another Aussie biotech developing treatments for specific types of cancer listed shortly after CHM. At the time of listing, CHM's SP was still at its listing price. Both suffered through the biotech downturn, but look what's happened since (CHM in blue, CU6 in orange).
CHM has seen its market cap drop from approx $70m at the time of listing to approx $25m now, and pays its CEO $3m in annual remuneration.
CU6 has seen its market cap rise from approx $350m at the time of listing to approx $600m now, and pays its Executive Chair $1.1m annually.
It beggars belief really ...
CHM Price at posting:
3.7¢ Sentiment: Sell Disclosure: Not Held
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