UNS (ASX) Announcement

Originally posted by Naish ↑

As described under “Dividends” and “Conversion” above, the amount of any dividend or conversion
premium varies based on the Company’s share price during the applicable Measurement Period. If the
Company’s share price declines during the Measurement Period with respect to a conversion notice, the Fund is entitled to recalculate the number of shares owed to the Fund pursuant to such conversion notice and the Company is then required to issue the additional shares owed. The number of days in the Measurement Period is significantly greater in a Trigger Event scenario. In response to notices from the Fund following the Fund’s recalculation of the number of shares owed on the First Conversion Notice and the Second Conversion Notice, the Company issued an additional 1,399,271 shares of common stock as additional conversion premium with respect to the First Conversion Notice and the Second Conversion Notice as a result of a decline in the share price during the applicable Measurement Periods. Substantially all of such additional shares would only be owed in the event of a Trigger Event due to the impact of the lengthier Measurement Period.

"In response to notices from the Fund following the Fund’s recalculation of the number of shares owed on the First Conversion Notice and the Second Conversion Notice, the Company issued an additional 1,399,271 shares of common stock as additional conversion premium with respect to the First Conversion Notice and the Second Conversion Notice as a result of a decline in the share price during the applicable Measurement Periods. "

Hey they just got an extra 1,399,271 for the 1st and 2nd conversion notices. More on top of what they received before.

Expand

The way I read it.... If the share price goes under 50c during the applicable measurement period, they will be entitled further shares for 1st and second conversions on top of already received . But they can't own more than 9.99%. This is an absolute disaster as we are going to get absolutely flogged tonight. It's close to capitulation.