Thank you WhenInRome for bringing our attention to the Administrators’ Supplementary Report 11 September 2020, particularly to the following parragraph:
"LNGL and Aureus (Proponent) will enter into a Subscription Agreement pursuant to which LNGL agrees to
issue the Proponent (or its nominee) 84,967,641 fully paid ordinary shares in LNGL (Placement Shares) at an
issue price of AUD 0.0344 per share (Subscription Agreement), to raise AU$2,888,899.79 (Placement
Proceeds)." (Section 4.2 of the below report)
e539fc6c229f1240eb6b445078779c66.pdf (windows.net)If all this comes to fruition, at the moment this is how I see the situation unfolding.
On the assumption that there is no funds left in kitty.
2019 Annual Report - No of ordinary shares - 575,987,479
Placement shares - 84,967,641
Total no of shares - 660,955,120
Value of Placement - AU$2,888,899.79
Company value - $2,888,899.79/660,955,120 = 0.437cents/share. (SENARIS, I think your 0.5c might be close to the mark)
I guess that it will depend on what the market decides to value it at.
This placement could keep the company afloat for about four quarters. They have about three quarters to pull a rabbit out of the hat before we are invited to take part in a CR. If the new board can get the new company up and viable, it will be an indictment of the old board, given that there has been no public statement as to why there was no CR.. This placement and subsequent CR would have been critical to our survival had we had it before administration!!!!. That's my rant for today. I don't know why I torture myself. Is it all worth it. J L.
