If you think the shareprice today looks bad; just wait until 27,000 shareholders realise how bad this deal is.
The conversion price for these con notes is the highest it will ever be.
If in 6 months, the share price is 3.5c - the conversion price will be lowered to 90% of 3.5c (3.15c).
If in 12 months the share price is 3c - the conversion price will be lowered to 90% of 3c (2.7c).
However, If in 12 months, the share price is 10c - the conversion price will not be adjusted, as the 'prevailing conversion price' is lower than 90% of the 'current market price'.
This deal shafts retail in favour of these vulture capitalists.
And Alcp reckons it's a good CR!?
(20min delay)