Ann: Skin Elements to enter Chinese skincare market, page-5

Let's break this down,

As of 30th June 2018 - 86,053,001 shares on issue

As of 31st December 208 - 144,332,590 shares on issue

As per recent Chinese announcement – additional shares will be as follows,

“Investment amount of $500,000 by way of an unsecured convertible note (convertible into 31,250,000 fully paid ordinary shares (A$0.016 per share)”

“Investment amount of $1,000,000 by way of unsecured convertible note (convertible into a 62,500,000 fully paid ordinary shares (A$0.016 per share)”

“Investment amount of $900,000 by way of placement of 56,250,000 fully paid ordinary shares (A$0.016 per share)”

In addition, HHHM will also be entitled to be issued with an aggregate of 115,000,000 performance shares to be issued in 3 tranches (for no additional consideration)

So this Chinese company will receive a total of 150,000,000 + 115,000,000 = 265,000,000 shares

Hence,

Minimum total shares on issue will be 409,332,590 (not including options)

IPO issue of shares raising $3.71m @ 20c was 18,550,000 for a total of 76,550,001 shares.

At IPO these shareholders owned 24% of the company.

Congratulations IPO Shareholders this team of con artists has milked you!

IPO shareholders are looking down the barrel of a maximum of 4.5% ownership of the company and the value of your investment is only circa a tenth of what you paid. I would be furious!!

These clowns only want a wage for the next few years…and don’t care about existing or future shareholders.

I feel for Mr Li Zeling (Chairman HHHM), because he is about to do his cash IMO.

These clowns will take the $2.4m and burn through it and achieve nothing, as they have done to date, all the while seeking to raise even more and diluting further, IMO.

And as far as long-suffering holders, both whilst it was still a private company and newer IPO holders, I feel for you!

These bastards are treating shareholders like a joke!

DYOR