Let's break this down,As of 30th June 2018 - 86,053,001 shares on issueAs of 31st December 208 - 144,332,590 shares on issueAs 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 sharesHence,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
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