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26/01/23
14:33
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Originally posted by zilliqua:
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Sadly it just never gets better with the board and directed by PP approving a loan and the terms of conversion on a specific dates last sale price. Usually its VWAP over the preceeding 5,10,15, 30 days but not this time. Yes, its obvious manipulation, but the board approved the loan and conversion terms and the date of last sale price on 1 only share trade at 0.015c (33% down on last price. The next banger will be the TBB acquistion price. Just speculation but wouldn't be surprised to see the board namely directed by PP approve a buy of TBB assets for $1m in shares to Capital D or 18-19% of the company (wfl) then agree to Capital D to sub-underwrite a $5m capital raising/rights issue at 0.015c. That would likely get Capital D to between 65-85% of WFL without having to launch a takeover. Under the takeover rule a 19.9% shareholder can only increase their holding by launching a take over bid ( part A or C) or they can subunderwrite a capital raising or rights issue and assume to shortfall without needing to launch a takeover offer. While we like to look for outsiders like CPS or Capital D etc its is the board and PP who are the real culprits in this sorry saga.
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I must be the only one who has read this differently, the conversion price is the closing price on the drawdown date which I don’t think had happened yet had it ? So it might not be based on the 1.5c closing price.