Ann: Equinox Resources IPO Prospectus Lodged, page-88

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22/09/21

14:49

Post #: 56267798
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Originally posted by Justadabble ↑

I reserve my judgement until once the IPO subscriptions levels come out. Until then, I am just watching.

1. My point was, in response to you saying they weren't prepared to put their own money in, that they never had that choice in front of them, it was not offered. The only choice they had was to green light or road block EQN, they green lighted EQN, so there isn't any undercurrent of dissent from PF1 holders.

2. There is $7-9M going into EQN that PF1 doesn't have to find. The exchange is approx. 30% interest for $7-9M, I think that is fair for a nil value asset, do you? As I said, that $7-9M in cash benefits PF1 holders via the indirect holding. If you want, recreate the IPO cash as a PF1 CR and compare the dilution under a revised SOI for PF1.

4. My recollection is that Directors were subscribing. Performance shares are only going to PF1 and Cazaly. The fees of the Lead Managers appear standard.

I haven't read the Supplementary Prospectus, is there anything in particular in it that took your eye?

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1. Small holders never had the choice of tipping in the funds to keep it in PF1, agre with you there. What i was saying is the same directors and large holders, that not surprisingly stand to benefit the most, were the ones that made the decision to divest and then finance it.

2. Couldn't be more wrong, $7 million is not required. As part of the IPO expenditure listed in the prospectus, $3.25 million is earmarked for the Exploration and Development of the Hamerseley Iron ore Project. This would represent less than 10% dilution at current PF1 market cap, even including costs for any raise. So they have given away circa 40% instead of diluting 10-12% yeah?

4. EQN directors are applying for shares and receive plenty of attaching options. Add in lead manager fees etc etc, its all there in the prospectus

Supplementary Prospectus

PF1 Price at posting: 38.0¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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