So the placement and con notes announcement on 24 April only mentioned (as a related party)Mike as taking up 100K con notes. This announcement has 450K related party con notes. I wonder who else is interested?
With an 8% coupon, 105% return on capital invested, conversion at 2.4 cps and it's all secured debt, it wouldn't take a dumb person very long to work out that you could whack a another coupla hundred $K on your mortgage (at what 3.5% - 4.5%) and arbitrage the difference. Makes sense for those inside the company to do this and at a far lower risk then retail shareholders face.
I might be voting against this.
Btw the 10 million oppies issued to RM Capital (4 cps until 2020) also seems favourable to them.
Ann: Appendix 3B, page-4
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