Am I the only one that seems to think that there is still something not right about this?
And for what it is worth, Merchant / Gas Fund or whatever are not really the darlings that they are being made out to be.
Their over due "becoming a substantial holder" notice doesn't add up or I should be more clearer:
Merchant / Gas were issued 11,258,068 shares as part of the offer to "Merchant" for under writing the Rights Issue, they were subsequently issued another 9,037,742 shares as the "shortfall" of the Rights Issue. These were all issued at $0.062c.
These two lots os shares add up as per the 3B released to market on 29th April, 2016, as well as the 6,000,000 options @ $0.092c.
They were also issued 2,400,000 options (exercise price $0.015c) These were the listed BGSO options that were not taken up after the acceleration clause was triggered.
In total they were issued 20,295,807 ordinary shares as part of the rights issues or shortfall.
They were also issued 6,000,000 options (exercise price of $0.092c) as part of the Rights Issue.
They were also issued 2,400,000 options (exercise price of $0.015c) - options that were not taken up.
This doesn't include any shares / options issued to them in the "Placement" in June 2016.
But at the end of September the 3B has them holding 16,326,200, meaning they have offloaded 3,969,607, but between the publishing of the T20 and time of writing, they have gained 1,200,202.
So yeah, Merchant have done alright out of all this, but I am not being overly critical of that fact but more so the lack of transparency.
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