I believe we would need a decent deal announced prior to the end of November to bring the full $40m from the options into the company coffers.
If the SP is 75 cents for example I would almost guarantee the Instos (whom hold the vast majority of options) would sell it down to at least 65 cents to then underwrite the offer to get their 6% in fees lowering their strike price and taking those fees from ours.
I think we would require a massive amount of buyers volume between 65 cents and say your $1.15 to avoid my scenario playing out.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-94
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Last
24.0¢ |
Change
-0.005(2.04%) |
Mkt cap ! $83.98M | |||
| Open | High | Low | Value | Volume |
| 25.0¢ | 25.5¢ | 24.0¢ | $202.2K | 814.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 181098 | 24.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 25.0¢ | 118621 | 5 |
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