AFR Exclusive, page-7

Thanks for the detail Ozjin.

The quote -

“On April 1, 2021, less than a month before the deal was struck to sell Lyramid to Provelmare, Mr Whiddon held 500,000 share options in Cellmid via his Getmeoutofhere Pty Ltd.

In response, Ms Halasz said Cellmid was aware that Mr Whiddon and Mr De Massey knew each other before it agreed to sell Lyramid to Provelmare, but was unaware of Mr Whiddon’s 500,000 share options as at April 1, 2021, and had no interest in the details of the pair’s relationship.”

- is an interesting one.

Cellmid released an announcement titled “CDYOA Top20 and Distribution List” on April 1st 2021 that listed the option holders, they being issued on that date and consequently I assume no trade in the options would have occurred (the first trade in options is recorded by CommSec as being April 6th).

Getmeoutofhere Pty Ltd (Sinking Ship Super Fund A/C) is shown as holding 500,000 options at April 1st in that announcement.

The options were issued on the basis of 1 option for every 2 new shares subscribed to in the March renounceable rights issue, these rights of 2 new shares being on the basis of every 5 shares then held.

So 1 option could be acquired by shareholders on the basis of every 5 shares held.

To acquire 500,000 options through this process it would seemingly have been necessary for any particular entity to hold 2.5 million CDY shares.

This would place the holder in the top 10 list of shareholders in the company (indeed in the top 6 at Aug 2021 according to the last Annual Report).

Does anyone know if there were other mechanisms available to acquire the options.

poorinvestor