And for the shareholders wiped by their Board in this proposed transaction spare a thought for your 20 top shareholders.
The current twentieth top shareholder has 10 million shares. That post consolidation shareholding will be reduced to 100,000 with a likely value of around $17,000). I'm assuming a 17 cent share price post consolidation but that may be ambitious.
The current top IMI shareholder has 80 million shares. Post consolidation that will be reduced to 800,000 with likely value around $136,000).
White Data shareholders are being given $9million worth of stock at the valuation price of $0.002cps) FREE. So much for being the top shareholder in a company.
Why hasn't IMI Board bothered to give its shareholders an estimate of the new company's valuation post consolidation? I suggest because they are to embarrassed to do so.
The best thing the top 20 shareholders get from this proposed transaction is a chance to sell and get out. That's clearly an opportunity they don't have today.
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