Mind you - you would be pretty stoked at the following if you were a convertible note holder @ 5c per share due on 15 April 2020! Especially at 6c today......and all the upside of the next 12 months!
from the nagambie resources annual report 2018.... Total borrowings 3,802,157 1,702,549 (i) The Company has three series of Unsecured Convertible Notes outstanding for a total of $3,334,000. Series 4: 18,680,000 Notes issued at 5 cents on 15 April 2015 for a total of $934,000 Series 5: 3,333,333 Notes issued at 18 cents on 19 September 2016 for a total of $600,000 Series 6: 18,000,000 Notes issued at 10 cents on 17 November 2017 for a total of $1,800,000 Each series of Convertible Note has the following terms: • Interest is payable at 10% per annum every six months after the issue date; NICE RETURN ON THAT ONE FOR FIVE YEARS!!!! • Convertible on a 1 for 1 basis into ordinary shares in the company at any time prior to the maturity date at the option of the note holder; • Redeemable for cash in full after 5 years, if not converted; • Unsecured but rank ahead of shareholders; and • Protected for reorganisation events such as bonus issues and share consolidations
The benefits of being PPT Nominees (by far the largest convertible note holder) and having K Perrin as a director. Win both ways. Great for the company and Great for KP! Note to all - KP is now retired from the board. Let's all hope he remains a friend of the company. We don't need another Cairnglen disaster!
PS - I DON'T have a problem with this at all - its called capitalism - im a supporter of capitalism - and indeed without capitalists like KP - NAG would struggle imo. BUT Let's put this $1.934m in the next 12 months to good use!
Cheers Duke
NAG Price at posting:
6.0¢ Sentiment: Buy Disclosure: Held
