Ann: Notice of Special Meeting of Stockholders, page-3

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jaluma

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11/10/22

22:31

Post #: 64146954
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Originally posted by Dubbo66: ↑

That one came out of the blue! What do we think guys?

A couple of quick observations.

The good:
Clears much of the debt immediately
Gives the company an unencumbered runway to forecast breakeven in early 2024, with no overhanging threat on the cash balance
The tranche 2 price of 60c and mid-2024 maturity date seems to be a vote of confidence in the breakeven forecast.

The debatable:
Was 0.39c resulting in an extra 6.3M shares fair value? Not sure how to make an assessment of that.

Thorney will get over 4.5M of those tranche 1 shares, resulting in their average price going below $1.25. They seem to be very keen to be the major player in this company (now approx 34%).

Expand

Was it fair to other shareholders? No.
Did we have other options at this point? Not really.
Are we better placed to get to cash flow breakeven and grow? Yes.
VTI Price at posting: 25.0¢ Sentiment: Hold Disclosure: Held
3 Upvote

0 Great analysis

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Ann: Notice of Special Meeting of Stockholders, page-3

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