bennett v popal, page-6

it is unlikely that popal was issued any shares at 3c - because there is no indication in the prospectus. the shares were probably issued at 2c

the following image is based on the top 20, as mentioned in the annual report

watso has added some extra names. the extra names, are entities (or persons), who have been mentioned in reports.

the people who have options listed against their names, paid full price, for shares, in the ipo (the options were issued on a 1 for 4 basis). watso has included someone called fred popal, who has 125,000 options, because he might be related to mr carl popal.. 125,000 options represent 600,000 shares, or an investment of $120,000.

the 20c options held by the taylors, are held in escrow - so they do not represent any contributed funds to the capital raising.

the shareholding of mr jason peterson, gives some indication of how seed capital investors are treated. at the time of the float, he had 1m shares, but at aug 20, he had 900,000 shares. mr peterson got his shares for 2c, and was allowed to trade 100,000 shares, to get his original capital back.

watso first thought that popal enterprise had 1.5m shares issued at 2c, and then sold 10% of his holding (ie down to 1.35m shares at aug 20) - but according to the top20 option holders, popal enterprises had 75,000 options, indicating 300,000 shares taken up at 20c.

after aug 20, it seems that popal acquired another 500,000 shares (maybe in the placement at 6c???).

the new director must be keen - it seems that he paid full price in the ipo, for 1.25m shares, and then bought more through another company. he has probably put in more cold hard cash, than anybody else.

one thing for certain,is that it all very interesting