There are conditions attached to FS taking up their rights. Basically, TTI must payout First Samuel and ADM in full as a condition.
So that is $10.5 million. I think it is highly unlikely they will have the cash to achieve that even if the rights issue is fully subscribed. But it does indicate that First Samuel appears to be willing to do what ever it takes to discharge their $3.5 million loan to TTI. hardly a ringing endorsement of the MD or the Company in my opinion.
From the offer documents:
5.3 Shortfall Commitment arrangements
The Company has entered a conditional binding firm commitment letter with First Samuel, the terms of which include:
(a) First Samuel is to subscribe for up to 33.33 million Shares for a subscription amount of up to $1,000,000 at the issue price of $0.03 per Share in respect of the Shortfall.
(b) The commitment is conditional upon:
(i) There being sufficient Shortfall available on completion of the Offer;
(ii) The Company repaying an amount of AU$3.5 million to discharge its current loan with First Samuel; and
(iii) The Company’s debt facility with ADM Capital being repaid in full.
(c) First Samuel has provided representations and warranties customary for such a placement.
- Forums
- ASX - By Stock
- TTI
- Ann: Investor Presentation
Ann: Investor Presentation, page-65
-
- There are more pages in this discussion • 10 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add TTI (ASX) to my watchlist
|
|||||
Last
0.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $4.864M |
Open | High | Low | Value | Volume |
0.5¢ | 0.5¢ | 0.5¢ | $5.5K | 1.1M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
6 | 2211181 | 0.4¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.5¢ | 311181 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
6 | 2211181 | 0.004 |
8 | 5088813 | 0.003 |
3 | 1050000 | 0.002 |
4 | 4800999 | 0.001 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.005 | 311181 | 1 |
0.006 | 1200000 | 1 |
0.007 | 530303 | 3 |
0.008 | 327000 | 3 |
0.009 | 604880 | 3 |
Last trade - 13.47pm 30/08/2024 (20 minute delay) ? |
Featured News
TTI (ASX) Chart |
The Watchlist
CCO
THE CALMER CO INTERNATIONAL LIMITED
Anthony Noble, MD & CEO
Anthony Noble
MD & CEO
Previous Video
Next Video
SPONSORED BY The Market Online