Ann: Completion of Entitlement Issue, page-14

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Bromic51

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17/09/18

13:52

Post #: 35647112
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Originally posted by zebster ↑

Well, that's good news. What a storm in a tea cup all that hand wringing that turned out to be.

Based on pulling together data from previous announcements, the updated unofficial preliminary ownership split estimate after the dust settles is shaping up to be something like:

Squadron: 17.9% (473m shares)
BMM: 17.9% (472m shares - includes from 230m bookbuild reported by AFR)
BoD: 3.9% (102.5m shares)
Sub-total: 39.7% (1,047.5m shares)
Retail: 38.2% (1,008.5m shares)
Bookbuild Unknowns*: 22.1% (582m shares - i.e. 812m bookbuild, less 230m to BMM as per AFR)
Grand Total: 100.0% (2,638m shares)

(*I suspect this bookbuild number comprises some new sophs which you end up being lumped in with a Retail totals. However, I think this number is far too large for sophs alone. I'm thinking at least 2-4 (or more) new substantial shareholders(?) to emerge with Form 603s sometime late this week or early next week - after the dust settles. Should also see confirming 604s coming from Squadron and BMM too.)

Looks like the Retails participated at a much lower rate than the previous numbers suggested. Preliminary indications from my numbers are somewhere around a 15% take-up rate.

I'm pleasantly surprised that they got them all away during the bookbuild. The share registry mix is shaping up to look much healthier, imo, with a more healthy mix of more tightly held holdings, which will reduce the free float, but not to levels that are likely to constrain any liquidity (e.g. Retail will still be 38%+).

Z

PS. I debated whether to raise this or not at this juncture, but I remembered I didn't thank @Jehosephat and @haka18 (and also their 'thumbers') for the kind words of support and encouragement last Friday night. Many thanks.

PPS. Sorry about the formatting. This new HC interface is doing my head in!

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I tend not to say too much... Still wearing "L" Plates.... but have been SH for some 6 years now with averages much higher than current. However.... thanks for this update and feedback.

POS Price at posting: 4.9¢ Sentiment: Hold Disclosure: Held
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