I'me still betting on us exercising our put option with Mercer. Just did a quick "back of the envelope" calculation and without knowing the last 5 day VWAP I used the last closing price. The company would issue approx 900,000 FPO shares to raise $16.5m. That would mean we have a total of approx 12.6m shares on offer of which Mercer would hold approx. 1.1m (900k new + approx. 200k existing) or about 8.75%. As I have posted before I am an optimist and I think that Mercer would have approached the company to get them to exercise the option now before the share price gets away and the number of shares to be issued under the option would be severely reduced. We will know by tomorrow.
Ann: Trading Halt, page-50
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