$5.1 m @ 12% interest convertible loan fully secured by KAS's 75% of Atlas Tin SAS with an additional 2% extension fee and 15% interest to extend from 31/12/19 to 31/12/2020, after which Pala can convert at 1.2 c/s for 48.9% and hand virtual control of KAS and Atlas Tin SAS to Pala, which is owned by a Mr. Vladimir Iorich of Zug, Switzerland. Nice deal if you can get it!
The "Independent" expert concluded the transaction was 'not fair' but 'reasonable' and reduces the underlying value per share from between 2.3c - 3.8c pre transaction to 2.0c - 3.0c post transaction.
KAS board and management must have been absolutely desperate to have agreed to this proposal (or been promised jobs down the track?) and those who voted for it either know something that the rest of us don't or didn't bother to read the resolution or expert report.
Congratulations fellow shareholders, the future of KAS is now in the gentle hands of Russian billionaire oligarch Vladimir Iorich.
KAS Price at posting:
0.9¢ Sentiment: Sell Disclosure: Held
