Assuming CYM's share price is 0.24 at Completion, the Convertible Note is basically an Option in CYM with strike of:
- 31.2c for 115,384,615 CYM shares (Redemption March 2025) (30% premium) or
- 27.6c for 130,434,782 CYM shares (Early Redemption) (15% premium).
If Nifty is a success, and CYM goes to $1 or more, then you can see that upside is unlimited.
If Nifty tanks, then we still get $36m. Downside is limited. Worst case CYM goes into administration and liquidation, the convertible notes rank ahead of shareholders so MLX has the ear of the liquidator (assuming no other senior debt).
All in all, it's an amazing deal for MLX.
Assuming CYM's share price is 0.24 at Completion, the...
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Last
45.0¢ |
Change
-0.005(1.10%) |
Mkt cap ! $403.4M | |||
| Open | High | Low | Value | Volume |
| 44.5¢ | 45.0¢ | 43.5¢ | $545.3K | 1.222M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 30000 | 44.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 45.0¢ | 369440 | 6 |
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| Last trade - 16.10pm 01/10/2024 (20 minute delay) ? |
| MLX (ASX) Chart |