I have calculated the estimated Scarborough 16.9% share issue price at 19.74c as per the announcement.
current shares on issue is 1608mln shares
Scarborough owns 3% now, which is 48.24mln shares
Scarborough holding after the new issue: 19.9%.
my calculation is as follows:
Suppose x is the number of shares to be issued:
(X+48.24mln)/(1608mln+X)=19.9%
X=339.3mln shares to be issued
Issue price=AUD67mln/339.3mln=19.74 cents/share (equals to 4.2x close price of 4.7c last Friday)
Is this what others have calculated.
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