Ann: Letter to Shareholders-AGO.AX, page-45

This is a capital raising, tripling the current issued shares, in return for $135USD cash, for repaying debt.

2/3 * (valuation) = $135M.

(valuation) = $135M * 3/2 = $202.5M

Convert to Australian dollars. = A$260M.

That means current issued shares are valued at 1/3 * A$260M. = A$86M.

Which is greater than the current $53M.

It's in the interest of new share holders for deal to go through but not old share holders.

I hold 1M AGOO options exercisable at 7.5 cents. Probably better for me if it didn't go through, since it will reduce volatility by reducing debt. (it will be harder for the share price to rebound to, say, 9c, if it happens to survive and thrive without the deal due to IO recovery.)