Sunny and team,
Men are moved by two levers only: fear and self interest.
In Sunnies case re: CEO it is both. Fear - "Have I got it wrong"??? and Self Interest - obviously in (potentially) being a large shareholder.
Hardly a recipe for independent thought!!
CEO has delivered what I indeed tried my best to highlight to this board. A comprehensive funding package attached with consolidation and re-compliance with Ch 1 and 2 as per ASX requirements.
GREAT, we can now start the long, sometimes painful journey of emerging out of the shadows of a Healthcare co..
See my post below from Sept below.. As it turns out, this seems where we are heading, give or take a little in that the quantum to be raised is to be $28m and given the consolidation is to be 1 for 20, my guess is a placement at $1.00 equivalent to 5cps. TAKE THAT SLOGGER!! Timing not far off..
It is my understanding that BGF have never executed a placement at a premium EVER.. So rule that out.. Unless of course we are back to FAIRYLAND..
Just my view of course, but somewhat more independent than the view you will get from Sunrise who in my opinion is up to his eyeballs in this stock..
Punters,
Ok, one step closer.. Thank goodness..
Now we all like to stick to the FACTS dont we?? Perhaps Sunrise will even return when he decides to join Le Club.... So are a few key points to remember for the next few weeks/months (all in my opinion of course!)..
The possibilities...
Pay careful attention to the timetable: Note, this timetable may change, but unlikely given that CEO has limited cash
1). AGM is Mid-November - 28 day exposure period required for the document, relating to the shareholder meeting component. Take mailing, printing etc into account, this points to the document being complete (announced) by first two weeks of October ie: three weeks away.
2). Approval will be sort for the following: Share Consolidation, Placement, approval of acquisition, new board or shareholders over 20% etc. Given timeframe we should get this info within three weeks
3). Structure - A bet here on CEO (in the next three weeks) is anticipating that management can pull off a deal at a premium within the next three weeks... Unlikely in my book, but good luck if they can!
4). Wildcard - Is a corporate or cornerstone shareholder taking the bulk of any placement, potentially at a premium. Again, in a different world i would say possible - In this market, unlikely, but always a possibility.
5). Suspension - Expect stock to be off the boards for at least 2-3 weeks minimum waiting for all clear from ASX/ASIC post successful meeting. Agreed drilling unlikely until next year, anything earlier is wishful thinking given company has no $$ for starters..
6). Conclusion - My opinion only of course, just a wild prediction (for fun):
- 1 for 25 consolidation, raising $16m at $1.00 (15m new shares)
- Equivalent to placement at $0.04 raising $16m via issue of 400m shares.
- I will offer myself a 10%+/-
- Wildcard remains a corporate at a premium
- Stock off boards for 3-4 weeks from mid/late Nov
Goodluck punters
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Sunny and team,Men are moved by two levers only: fear and self...
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