existing share holders may miss-out on cr, page-9

redpill
I wouldn't call it a "nasty loophole". It's completely legal and depending on how the principle is used, it can also be applied to the benefit of existing retail shareholders.

However, I do see a potential big risk for existing UNI shareholders if the board decides to set the entitlement date (XE) past the announcement date...

The SP has risen quite dramatically in the last few weeks. If the XE date is past the announcement date, it offers anyone the opportunity to buy shares at a premium... basically you'd see the SP plunging from the current level towards the offered premium price. Sad news for people who bought in the last two weeks and don't have the funds to double up (in the case of a 1 to 1 offer).

Another bad scenario is for shareholders who bought their shares months ago when it was around the 30c mark. They may can don't have the funds to take advantage of a 1 to 1 offer - basically costing them 3 or four time the initial investment.

The big question that remains is ..... was the SP "deliberately" eased up to the level where it is right now? A 1 to 1 offer for $1 is a 30+% discount at the current SP of 1.38. What would the offer have been 3 trading days before the halt when the SP was at 1.10 ? Hmm, makes you think, doesn't it? There were definitely people stopping the SP from going down in the short past (remember the stop breaks with 500K+ buys at 1.23).
I guess for long term retail shareholders, the benefit (and possibility to participate) would have been much better at the below $1 mark.
Well, I guess it all depends on what the offer ultimately will be. Let's hope they will take care of us.