What a sweetheart deal for Madam. This is taken from the 06/3/2012:
Good to see that Frank Canarvo and co made a sensational deal for Madam before departing. Fancy having a clause that if FMJ was still in suspension for longer than 11 weeks then the options doubled. I mean the FMJ board can control this so clearly no rush to relist, why not hold of and double yout options!!!
The other key terms of the Placement are that the Placing Agent or its nominees will be issued 2 options (Placement Options) exercisable at $0.30 to acquire ordinary shares in FMJ for every Placement Share subscribed for by Participants. The offer period expires 11 weeks after the relevant shareholder approval to the Placement is obtained. Before the offer period expires, if either FMJ's shares have not been reinstated to quotation or upon reinstatement the VWAP for FMJ shares for the 5 trading days after reinstatement falls below $0.60, an additional share or option will be issued to the Participants or the Placing agent (or its nominees) respectively on a one for one basis.
FMJ Price at posting:
$1.00 Sentiment: Hold Disclosure: Held
