Ann: Renounceable Rights Issue Update and New Prospectus, page-66

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Guerilla

2,582 Posts.

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19/10/17

16:22

Post #: 28038069
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Originally posted by Guerilla ↑

“3.11 …The offer … under the Shortfall … will remain open for up to three months following the Closing Date…The Directors reserve the right to allocate any New Shares and attaching free New Options under the Shortfall at their absolute discretion.”

Maximum Shortfall
New Shares: 12.5% (undiluted); 11.4% (fully diluted)
Attaching free New Options: 5.7% (fully diluted)

So up to 17.1% of the HAV register (fully diluted). Quite a big chunk of the Co-Cu-Au-Fe-Mo resource inventory going at a very cheap price when compared to their estimated value. Remember, HAV has more Au alone than e.g. DCN which has an EV of $353m. As for HAV’s other resources, there seem to be many interested buyers in the Cu-Co space with macro conditions suggesting increased prices ahead. Not exactly holding a bad hand.

Who could take up the expected Shortfall?

Bob: Voting Power at date of Prospectus 8.9% (undiluted). Would take him to 21.4% (undiluted). He could limit his take-up to 11.0% (taking him to 19.9%). Would bring his & fellow co-founder, Dr Giles’ holding to around 40% (undiluted).

Glencore: Voting Power at date of Prospectus 5.3% (undiluted). Interested in Cu-Co space. Would take its holding up to 17.8% (undiluted).

Bergen: Shares issued 3.5% (undiluted) (or more if also bought on-market) plus 0.3% options ((fully diluted). Who knows what ‘the fox’ is up to? Would take its holding up to 16.0% (undiluted).

Wanbao: Voting Power at date of Prospectus say 0%. What a cheap way to pick up 17.1% (fully diluted) of the whole shebang. Would effectively represent a discount to fair value should Wanbao decide to mount a take-over bid. The 3 months period noted above also ties in with end of Wanbao MOU exclusivity. Although the much anticipated Kalkaroo PFS is expected well before then.

Another: Depends if someone like MMG etc holds shares at 10/10/17. But what’s to stop them making a take-over bid anyway.

Bring on the White Knight!

DYOR

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HAVR volume traded on ASX up to 3.4m or 12.5% of 27.1m rights available.

Some positioning possibly?

Rights trading ends Tuesday 24/10 (or in 3 trading days).

DYOR

Last edited by Guerilla: 19/10/17

HAV Price at posting: 19.5¢ Sentiment: Buy Disclosure: Held
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(20min delay)
Last 18.5¢		Change 0.005(2.78%)		Mkt cap ! $58.57M

Open	High	Low	Value	Volume
18.0¢	18.5¢	18.0¢	$5.412K	30.05K

Buyers (Bids)

No.	Vol.	Price($)
2	27665	18.0¢

Sellers (Offers)

Price($)	Vol.	No.
18.5¢	10887	1

View Market Depth

No.	Vol.	Price($)
2	27665	0.180
4	161042	0.175
6	210000	0.170
5	95600	0.165
4	150250	0.160

Price($)	Vol.	No.
0.185	10887	1
0.190	17298	1
0.200	5000	1
0.210	2500	1
0.250	7777	1

Last trade - 15.04pm 17/09/2024 (20 minute delay)

HAV (ASX) Chart

Ann: Renounceable Rights Issue Update and New Prospectus, page-66

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Ann: Renounceable Rights Issue Update and New Prospectus, page-66

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