Just looking at the Hocking numbers as they've fallen out from the regulators 'oversight' and the outcome of the CR. See if I have this right..?
Hocking's last directors notice said he held 111,836,604. Assuming that was the number of entitlements he took up (although he may have been entitled to and taken up more, then sold some) he gets another 111,836,604 to take his total ord shares to 223,673,208 or 11.2% of the expanded register.
Looking at the take-up under the CR and 'third party' allotments I estimate the Hocking's ended up with another 78,362,396 to take their total holding to 302,035,604 or just 15.1% of the company.
Couple of things out of this;
* He still holds a good chunk and is obviously a supporter, but his holding seems to have reduced through this process - perhaps more at the insistence of the regulator than by choice. Wonder how happy he is with the outcome?
* there's no longer a blocking stake, although with the tightly held register it would still be pretty hard to move on the company aggressively.
* If he still got the underwriting fee of $1m and only got 78m shares, he made a cash profit from his underwriting efforts. Took the risk and came out on top - good 'luck' to him. Wish I had his cost base..
At the end of the day its nice to have their support but its the science that will win (or lose) the day, so really just checking I have the numbers right, otherwise its fairly moot.
Hopefully now this is over and done the company can control its own destiny and turn what appears to be an academically brilliant science into something like commercial reality.
Cue the announcements....
(20min delay)