Yes it appears that the minimum price should be 80% of VWAP if the VWAP is 0.6c or less. So just about all the notes have been converted incorrectly. At the minimum, this needs an agreement between KBL and the converting party to rectify the situation. Dilution should be reduced by this.
The relevant authorities could dictate the terms of this agreement. However the loan agreement may differ from the terms in the EGM which gives more problems; the borrower is the servant of the lender as the Good Book says.
KBL should clarify where they stand.
Add to My Watchlist
What is My Watchlist?