The original article quoted 25 Bn shares on issue after cap raising by CSI. This fits in better with Dargies scenario from 11/9/09
These are his figures.
"so these calcs were not too far away then, if they are talking about 25b shares?
$M
Existing shares on issue 2600
New ords, prefs at 5:1 3500
Sparcs conversion at 15:1 1440
Shares on issue 7540
Price of shares 0.05
Money to be raised 1000
New shares to be issued 20000 3:1 issue @ 5 cents
Total new shares 27540
Equity of company 2895*
NAV per share 0.105
* where equity = 1.6B equity - $500m further writedowns + BEPPA liabilities wiped 700 + SPARCS wiped 95 + new cash contributed 1000. (this does not factor in a gain on sale of 49% of DBCT, if indeed there is a gain and if it actually happens at all)."
This should give the CSI a very good return on inestment(If DBCT not sold and FCF stays at 230million) of approx 16%+ plus leaes something on the table for ords and converted prefs.
I think a scenario like this would get voted in by majority.
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