• Issue of shares: as consideration for the compromise of assumed debt, the Company will issue ordinary shares at a face value of $0.001 (US$0.00067) per share to the senior lenders (or their nominees) in proportion to the debt exchanged by each senior lender – this will result in the current holders of ordinary shares holding approximately 1% of the post-scheme diluted capital;
And
DelistingThe Company confirms that as its capital structure will not be appropriate for continued listing, it will be de-listed from the ASX on 3 February 2020 under ASX’s long term suspended entity policy.It is expected that the Company’s shares will remain in suspension until the Company is de-listed.
feel sorry for holders here!
TGS Price at posting:
4.9¢ Sentiment: None Disclosure: Not Held
