Can anyone confirm the calculations below regarding the amount that effectively Lanstead will end up paying for the 64,900,000 shares management have allotted to them?
As I understand it AKK gave $4.5 million to Lanstead and they got allotted 64,900,000 shares on 8/12/2014. As owners of the shares they can lend the shares, can't they?. Lending shares is useful for ..... you know the answer.
Considering the substantial decline in share price, after 6 months the swap agreement will give Lanstead a substantial return by way of refund from AKK. Effectively, instead of paying $0.0765 per share potentially they will end up paying $0.015 per share as presented in the schedule below (provided that the share price continues collapsing to 0.005). Note that the amounts highlighted below are yet to be confirmed in the future.
Management have been aware of this scenario all the way, haven't they? Looks like they are part of the scheme. So what are they trying to achieve? Maybe they want to buy shares at $0.005, just waiting. Feel sorry for those that bought at $0.10 or higher. I guess schemes like this are common in ASX eh? It seems it is ok to screw retail shareholders, everyone knows ASIC won't care.
|
Column 1 |
Column 2 |
Column 3 |
Column 4 |
Column 5 |
Column 6 |
Column 7 |
| 1 |
|
# shares |
$A |
$A |
|
|
|
| 2 |
Subscription |
59,000,000 |
0.0765 |
4,513,500 |
|
|
|
| 3 |
Fee |
5,900,000 |
|
|
|
|
|
| 4 |
|
64,900,000 |
|
|
|
|
|
| 5 |
|
|
|
|
|
|
|
| 6 |
|
A |
B |
C |
D = C/B |
E = A x D |
F = A - E |
| 7 |
Date |
Subscription Amount (A$) |
Benchmark Price (A$) |
Share Market Price (A$) |
Factor (Market Price / Benchmark) |
Settlement Amount (A$) |
AKK to Refund Lanstead (A$) |
| 8 |
8/12/2014 |
|
0.102 |
0.102 |
1.000000 |
|
|
| 9 |
8/01/2015 |
752,250.00 |
0.102 |
0.043 |
0.421569 |
317,125.00 |
435,125.00 |
| 10 |
8/02/2015 |
752,250.00 |
0.102 |
0.041 |
0.401961 |
302,375.00 |
449,875.00 |
| 11 |
8/03/2015 |
752,250.00 |
0.102 |
0.02 |
0.196078 |
147,500.00 |
604,750.00 |
| 12 |
8/04/2015 |
752,250.00 |
0.102 |
0.015 |
0.147059 |
110,625.00 |
641,625.00 |
| 13 |
8/05/2015 |
752,250.00 |
0.102 |
0.01 |
0.098039 |
73,750.00 |
678,500.00 |
| 14 |
8/06/2015 |
752,250.00 |
0.102 |
0.005 |
0.049020 |
36,875.00 |
715,375.00 |
| 15 |
|
4,513,500.00 |
|
|
|
988,250.00 |
3,525,250.00 |
