I sold out today, but I'll post what I think hes getting at:
http://www.insuredgroup.com.au/news/ <- link to source
P1 obtained 3007306 shares of INS (15c/share) in exchange for 8333333 P1 shares (giving a valuation per share of INS at 0.8313)
"The new shares were issued pursuant to an agreement between
Priority One Network Group Limited (“Priority One”) and
Insured Group Limited (“Insured Group”). Priority One issued
8,333,333 ordinary shares to Insured Group as consideration for this allotment. The issue price for each Insured Group ordinary shares was A$0.8313."
Two things to consider about this: a 68c (450%) premium on the price of INS shares...
And P1 will be listing at 30c regardless (3007306 * .8313 / 8333333 = .30, if you had any doubt).
There is also an announcement about waiving the listing rule for INS about having 2 NZ born directors, but I dont think this is relevant to P1 (or I read it wrong) so I will leave this out.
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