The irony is that if he raised another $65m back then we would have had a total of 335m shares on issue.
Post this cap raise, we will have 350m shares, plus another 63m options if they are converted. so 413m shares. Or in % terms another 23% of dilution.
The options aren’t even guaranteed at this point, as we still don’t have enough money to finish off the phase III, it’s relying on us converting options at a higher price. Why would the price go higher if we weren’t guaranteed the money to finish our phase III? Only possible reason is if we have a deal signed up for approximately $30m plus.
$30m plus eh? 40% returns CAGR? These figures are the performance hurdles to secure the rights of PR and Donna. Talk about taking the owners of the company for a ride!
I recently read an article about the average salary of an ASX200 listed company being $1.2m. We have 2 employees wanting to be paid that. In PR’s case he’s looking at a 100% pay increase for his total package. It just gets more and more disgusting when I delve deeper into the PAR books.
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