So, after reading most of the 74 pages, plenty of fluff, in summary of significance it's approving Richard White's >20% and the shares issued at $0.04482 to fund TheBrag acquisition + some working capital. Given the economic environment, it seems reasonable, he got a good deal, good timing, but we all win;
RESOLUTION 1
David Rickert (Vampr guy) was approved to have 8mil shares as part of the Vampr transaction, but due to changes in the US$ exchange rate the amount ended up 8,269,185 - so this is just to approve the extra 269,185. I will note David entered voluntary escrow until 30 June 2024. - YES
https://hotcopper.com.au/threads/ann-update-proposed-issue-of-securities-vnl.7785616/
RESOLUTION 2
We acquired TheBrag for $8mil, with a further $2mil payable if they achieve between $2mil - $2.8mil EBITDA on sliding scale, win / win.
This resolution is for 90,240,674 placement shares issued to Richard W at $0.04482 ($4,044,587) to fund the deal. Whilst I'd have preferred to have seen the issue price higher, it's standard discount to VWAP, thus the best vote outcome is - YES
RESOLUTION 3
This is the approval of a $6,955,413 convertible note, to fund TheBrag acquisition / working capital. It carries interest of BBSY (Bank Bill Swap Rate, typo in this ann I think as BBBY) + 6%. As I understand, this interest is waived, a zero interest note if resolution 4 is approved "within 60 days", which is a nice gesture for a "controlling interest" (>20%). That's like a $700k savings per annum. - YES
RESOLUTION 4
This resolution is about giving a "controlling interest" to Realwise, as they'll attain 34.47% of issued shares. This is Richard backing VNL. - YES
There maybe some concern around incentives with Songtradr's investment in VNL combined with Richard's. But given Richard will own 34.47% of VNL, and based on what I can find would own a lot less of Songtradr, the incentive there from Richard's point of view would be for VNL to be a success. Whilst Richard has got a sweet deal, yet reasonable, it's great to have him on board. Yes to all for me and thankyou to Richard for his support.
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Last
10.5¢ |
Change
0.005(5.00%) |
Mkt cap ! $106.0M |
Open | High | Low | Value | Volume |
10.0¢ | 10.5¢ | 10.0¢ | $1.173K | 11.62K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 505 | 10.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
10.5¢ | 108214 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 505 | 0.100 |
1 | 14552 | 0.097 |
1 | 50000 | 0.096 |
1 | 100000 | 0.093 |
2 | 41505 | 0.092 |
Price($) | Vol. | No. |
---|---|---|
0.105 | 108214 | 2 |
0.110 | 204149 | 3 |
0.115 | 10000 | 1 |
0.120 | 397058 | 2 |
0.125 | 5000 | 1 |
Last trade - 16.10pm 06/09/2024 (20 minute delay) ? |
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