Is not a commitment. Could just be a teaser. Will not know until next week.
"Mr David Casey has determined his level of participation in the Offer will not exceed 5,000,000 shares."
Agree, does not strictly say DC will buy 5m. For the record, DC's entitlement is 47m shares ($188k).
"Mr David Casey taking up 5,000,000 New Shares under the Offer and 29,085,750 Shares in lieu of accrued liabilities (subject to the approval of Shareholders, refer to Section 8.2)"
The 29m shares referred to is DC's $116k unpaid salary.
Hope they all (the directors) did chip in. To be proper, will have to have paid on Thursday.
One thing I do know is that they (the directors) cannot fill the shortfall. Directors can only subscribe to shortfall (i.e. more than their basic entitlement) if SH approve. There has been no indication of seeking such SH request.
Directors between them hold 135m shares. On a 2:3 basis they can subscribe for 90m shares ($360k) if they want to.
Agree, time will tell!!! Find out next week???
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