Shot myself in the foot I did by talking myself into believing the first half would surprise on the upside then averaging down on Tuesday. What a goose. A skint goose as well.
So, this was the real reason why the SP is barely one third its September high: poor performance of the business.
I don’t know the details of the $9 million convertible note, but I hope the lender can only do a conversion into shares as repayment at a price fixed when the note was taken out. If the conversion takes place at say a 30-Day volume weighted average SP immediately prior to its maturity, we might face concerted downward pressure on the SP for the rest of 2018. An ugly thought. Could be a cheap way to gain control: $9 million note conversion at say 0.5 cent/share. Bye bye CM8.
Ann: H1 2018 Trading Update, page-15
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Last
1.8¢ |
Change
0.002(12.5%) |
Mkt cap ! $21.48M | |||
| Open | High | Low | Value | Volume |
| 1.7¢ | 1.9¢ | 1.7¢ | $21.24K | 1.202M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 10 | 2045234 | 1.7¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.9¢ | 684260 | 6 |
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| Last trade - 12.17pm 20/08/2024 (20 minute delay) ? |
| UNT (ASX) Chart |