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4.7¢ tivan limited

Thanks Morry. 25% dilution is.... well, not small. And that 15%...

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Jinster

431 Posts.

9

27/05/15

00:56

Post #: 15356578
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Originally posted by Morry ↑

My understanding is that under Listing Rule 7.1 a company can issue up to 15% of shares on issue over a 12 month period.
However, from the last announcements, it looks like the company can reset the threshold by vote at general meeting.
Also, if there is prior approval by shareholders, companies can issue an additional 10% under listing rule 7.1A. TNG seems to have approved this in the last AGM, but they evidently did not want to use it with Trafalgar.

So, having 641M shares on issue now, 15% would allow them to issue over 96M shares without going to shareholders.

That's my take.

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Thanks Morry. 25% dilution is.... well, not small. And that 15% is a rolling 15%, so effectively 2.5% per two months... So that's essentially a CR like the Trafalgar ones every two months, ongoing, without even needing that 10%..... A lot of dilution can happen this way.

TNG Price at posting: 19.0¢ Sentiment: Buy Disclosure: Held
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