The Convertible Loan Note may be converted at any time at the option of the noteholder into Ordinary Shares at a conversion price of £0.06 per Ordinary Share.
Maybe that is where the 8c come from ?
Could it be there is an agreement to convert bond not into ordinary shares and there to offset dilution to SH the SPP is in line with that rate @ 8cents ??
Just a thought
an open letter to iggy tan and the gxy board., page-8
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