These are for shares issued which have been allocated to secured note holders taking up their entitlement at a price of .001 from options issued in lieu of payment of interest on notes. When holders of notes were given the option of transferring to secured notes without interest, they were issued options which were (if taken up) in effect the value of the interest that would have been paid over the lifetime of the notes, which was valued at aproximately .028 per note for the purposes of taxation. (The nominal value of a note is $0.135, the noimal interest payment is 10%/annum).
Add to My Watchlist
What is My Watchlist?