Now that's what I call an expensive loan. Interest free ,BUT a fee of 27,000,000 shares plus 31,706,541 options exercisable at $0.05. Do the maths on that effective cost of borrowing! And apparently because Thorney already held 14%, they got a waiver from the ASX for the requirement to obtain shareholder approval on such a terrible deal. Now you could argue we desperately need the case but really? That will be a massive dilution. It seems us long term shareholders just got shafted a second time.
Neil Wilson has thanked Thorney Group, Dubber's customers and employees for their support during this shitstorm. I would suggest he probably ought to thank all the "other" shareholders besides Thorney for their support and patience over the last 2 weeks of blackout. No sign of an apology to those shareholders either for losing $30m of our money.
Poor form for mine. But maybe I'm just a tad jaded.....
Does anyone feel the same?
Ann: Dubber secures up to $5m loan, page-3
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