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0.2¢ new zealand coastal seafoods limited

Ann: Board Resignations-XTV.AX, page-199

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kramer43

417 Posts.

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29/06/16

12:09

Post #: 18149753
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Originally posted by Stockrocker ↑

That's a reasonable assumption kramer43. Another scenario would be that Bergen will still be converting $2.18 mil worth of shares at 90% of the prevailing sp. So if the sp drops to o.2c after trade resumption they will be getting well over 1 billion shares, giving them more than 50% of the company. Prime example would be PRA now THD: They issued $1 mil worth of connotes at 0.1c giving the holder 1 billion shares just before the RTO of Thred. Those shares are now worth a whopping $8 mil after consolidation, it would have been worth $10 mil at indicative relisting price but the sp dropped since then. If things unfold in this manner then current holders are diluted to oblivion even if they successfully vend into a new business. It would make much more sense for Bergen to convert at the bottom than wait for the sp to appreciate to convert. That's why they are called vultures.

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I wasn't discussing how good or bad the Bergen deal was only why Bergen would make it if the company went bust 2 weeks later. The Bergen deal announcement also says that Bergen cannot convert more than 164,265,536 shares without shareholder approval.

XTV Price at posting: 0.8¢ Sentiment: Buy Disclosure: Held
3 Upvote

0 Great analysis

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