Thanks Tiggles I overlooked the subject to...and would hope something is being done about the outrageous grasp at options. However, trying to do a last minute deal would be slim but the "optics" certainly look better with hgher POG and improving operations.
One can only hope, but time would be against PGI. I also doubt Mercury would vote against, nor BJ, nor CAMIF (the existing shareholder part). Given the apathy of SH non-voting SH would be also be given to YES vote. 15+9+10 = 35% + apathy > 50%
If there had been a financing competitor they would have been in the mix during negotiations but seems BJ fell in love with CAMIF a long time ago and thought they were different from MacBank . Another lesson at SH expense. There should have been a competitive process but most likely obvious that BJ and team either couldn't convince another starter or didn't thnk of it/didn't bother.
For someone who has a stated goal of minimising dilution hard to believe that the 50% premium for the options especially when the sp and shares are so thinly traded and BJ made the situation hugely worse by endlessly dumping the small parcel shares, CAMIF and other bankers would argue the oppie premium ws generous. BJ machine gunning both feet off without seeing the consequences of that constant dumping.
PGI Price at posting:
10.5¢ Sentiment: Hold Disclosure: Held
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