I was misinformed about the quantity of shares that can be issued if the ASX gives a waiver.
Recent Ann 19/8/16 says:
"Eligible Shareholders may apply for a parcel of New Shares under the SPP in accordance with the application amounts set out in clause 3.2 below. The maximum investment amount under the SPP is $15,000 subject to discretionary scale-back.
In accordance with ASX Listing Rules, the maximum number of shares which may be issued under the SPP is 267,361,488 shares, being 30% of MEO’s current issued capital."
It seems you can back up the truck and convert your $15k to 416,666 shares at 3.6c each.
The 267,361,488 shares could raise $9,625,013 if Meomites are keen on the Cuban gambit.
Even though management is only targeting $1m
.
That would enable management to get paid and a few more holes to be drilled to use up the money.
Management have been very generous in accommodating existing shareholders by having a SPP and not just restricting any Cuban success to the elite sophisticated investors.
Best wishes
MEO Price at posting:
4.0¢ Sentiment: None Disclosure: Not Held
