Well that didn't take long!
Reset the 7.1 and 7.1a yesterday, raise today.
I expected a raise just not right now.
I hope the price doesn't give too much of a discount!
Under the listing rules the maximum discount is 25% to 15 day VWAP.
15 day VWAP is 44.9c - 25% (11.225) = 33.7c
Maximum shares that can be issued = 15% (36.9m shares) under 7.1 and 10% (24.6m shares) under 7.1a
Total 61.5m shares at ??cps
Using the 33.7cps above at maximum discount gives us $20.7m assuming worse case scenario.
I wouldn't like to see it much below 45c to be honest. At a premium would be better but the likelihood of that is remote.
Anyway, somebody will get a terms sheet no doubt.
We could be in for some short term pain.
No wonder the brokers were there yesterday and onsite last week!
Well that didn't take long!Reset the 7.1 and 7.1a yesterday,...
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