Also intrigued to work out how raising $62.4m after costs can simultaneously add 62.4m to cash AND reduce amounts owing to Sinosteel by $12.4m AND reduce loans by $6m?
5.2 Principal effects of the Offer
The principal effects of the Offer assuming it is fully subscribed will be to:
(a) increase cash reserves by approximately $62.4 Million immediately after completion
of the Offer, after deducting the estimated expenses of the Offer;
(b) reducing the amounts owing to Sinosteel by approximately $12.4 million;
(c) reducing Loans and borrowings by approximately $6 million; and
(d) increase the total number of Shares on issue from 315,422, 559 as at the date of this
Prospectus to 394, 278, 199 following completion of the Offer.
How does raising $62.4m of new equity increase the net asset position of the company by $80.8m? oh no, scratch that, it's going to increase the net assets by $92.8m according to the pro forma balance sheet!
View attachment 142898
View attachment 142899
Are CDU raising magic expand-a-cash?