Just great. Aren't there 20 of these issues of convertible...

Just great.

Aren't there 20 of these issues of convertible securities at 500,000USD ?

So I presume this is for Bergenm and they will choose option (b).

140% of 20 day average before 3rd March. I basically guess that the low was 5.6c and the high was 7.2c thereabouts. An most of that time the SP was in the high 6s. So 20day average is ....6.6c just guessing,

But 140% of that is 9.2c

So 500,000USD is converted at the AUD of today or back on 3rd March ?

AUD today is .7502

Basically, again, 500,000/.75 is 666,666AUD.

And that divided by 9.2c is 666666/9.2c is 7,246,369 new shares issued.

Basically 7, 250,000 new shares.


I can honestly say that I am now happy that the SP is so low so that these conversions are done at the far higher rate.

Unless of course I am completely mistaken, and 'lesser' means lower share price, therefore its 92% of an average price of 4c and that is 666,666/.0368 = 18,115,923 new shares.

A big difference to 7,250,000 shares.


No wonder the SP has been dragged down since the deal was done. Feb 26 the SP was 7c. It has slid to 4c in last 4 months.

That was actually the week I came into large amounts of money and had orders at 6.8, 6.7, 6.6, 6.5 and they were all filled the first week. I thought I had done well !

But it kept falling and I could have had many many more shares if I waited 3 weeks and it got to 5c.

A good and cynical financier would have seen this coming.


I can also therefore assume that once bergen has fed at the trough until his guts explode ! then the SP should amazingly shoot up again !