Hi Mac,
Curious as to why you think this is a good deal for BCI? Seems that wground albeit minor ground imo. We previously had two tranches of $50m each, and now we have one single tranche of $100m. So same same value wise.
We've now lowered the required level to get a board seat - no big deal given they'll own plenty soon enough anyway, but still we've given more away, and we'll also seek their endorsement to the next CEO.
I'm unclear why we needed to make those concessions rather than just issuing tranche one now for $50m? The election date moves from 30 Sept to the tranch 3 date 31 Dec 22. So the date differences are hardly groundbreaking.
Am I missing something?
R42
Hi Mac, Curious as to why you think this is a good deal for BCI?...
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