Finally some excitement! . Highest volume for a long time - since ATP suggested its future was extracting cannabis oils.!
Looking at the trades 4.7m shares sold on the way up to 1.3c then 2.9m shares sold on the way down to 0.6c.
Tomorrow (April 30) a further $500,000 is due to be repaid to Boneyard/Tim Martin. Assuming this will also be deferred will see the largest shareholder earning default interest of 10% on $1.25million. Not a bad return for a business they essentially control. Final $500k is due 30 June 2020.
At end of June, assuming ATP is unable to secure alternative finance this could then go 3 ways :
A) Boneyard will to push loan agreement into default then convert loan into shares at $0.015 and pick up approx. additional 120 million shares taking holding to approx. 50% resulting in significant dilution for remaining shareholders. B) Set up new loan agreement with even more favourable terms than current - non related shareholders would have little option to accept. C) combination of A) & B).
In trying to anticipate the outcome I'm scratching my head over Tim Martin's motives. For a savvy businessman he seems to have tolerated very poor performance from management for many years whilst collecting 7.5% interest on loan. If he wanted to convert the loan to shares then the share price has conveniently tanked - now even below the loan agreement conversion price floor.
ATP Price at posting:
0.6¢ Sentiment: None Disclosure: Held
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. Highest volume for a long time - since ATP suggested its future was extracting cannabis oils.!
(20min delay)