Of this $(US) 1,250,000 has been drawn down leaving $(US)250,000 still to be drawn down. (I think INL have a commitment to draw this down at some time but cannot be sure.)
Of the $(US)1,250,000 drawn down LJCI have previously converted $(US) 941,533 leaving $(US)308,467.
The present conversion amounts to $(US)206,460 leaving $(US) 102,007 still to be converted from the amount currently drawn down.
The present conversion yields 31,250,000 INL shares at a cost of 0.0727 Australian cents/share.
In my opinion it is doubtful if LJCI have retained any meaningful quantity of shares from the previous conversions. If this is correct they have been able to dispose of $(US) 1,1147,993 in to the market at a profit approaching 20% in the space of little more than 3 months.
Good business for them not so good for longer term INL shareholders.
The immediate question is what will LJCI do with their new 31.25 million shares. If they are, again, dropped into the market I can see the sp being forced down to 0.8c with the prospect that a three day low vwap of 0.07c could be achieved for LJCI.
The only positive I can take from this sorry (from a shareholder point of view) state of affairs is that there seems to have been buyers for the shares that LJCI have sold. I would like to think that these have gone into safe hands but we no longer have the information that would support this hope.
If anyone has information that LJCI have, in fact, retained a significant number of shares could they, please, post the information.
Best wishes to all,
TerryA
SDV Price at posting:
10.0¢ Sentiment: Hold Disclosure: Held
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