I'm really disappointed with this and the "merger / takeover" is still hurting us.
Prior to the merger we had a $5.5m convertible loan note, 12 months loan note convertible at 11c along with 20m 14c options. Even taking account of the 12% coupon rate, it was essentially issuing shares at 9.7c.
Now we get a cap raising at 6.5c with options at 13c.
From the prior "fundraising" which under their wisdom they allowed to lapse, they are now raising LESS money at a significant discount of about 33% from what was announced back in October.
Great that they are looking after holders. Thanks to our esteemed board.
Not only that, they are talking about selling the 1 real asset, worth real currency in Aje thats near term and will protect long term holders.
I do note, that the only prior board member left is Bob Cassie and he has a massive 75k shares. Thats great from our Board members. Call me a sceptic, but I expect all of the new board members to be participating in this raising and thats why its so cheap.
Disappointed is actually a massive understatement.
JKA Price at posting:
8.3¢ Sentiment: None Disclosure: Held