another query on issued capital

At first glance the Socius issue today seems like double counting to me.

6,264,664 shares were issued in November for re-pricing purposes and that was included in the issued share calculation taking shares on issue to 399m approx as outlined by the company announcement on 21/11/11.

Today they issued “6,025,842 ordinary fully paid shares on correction of Socius based on repricing formula”. But today’s 6m is ALSO included in the 21.7m shares issued today.

I’d be very wary of just assuming the ‘correction’ relates to what happened in November. It almost sounds like they have been re-priced again over the last few months. The charts would almost support this as well when you review the sell down from 30 cents to 18 cents in late November through December and what looks to be like accumulation throughout to early February. It looks to me like Socius were selling and then maybe reloading again throughout this period.


So we need clarification – have a further 6m shares been issued? If so – say so clearly.

If not then reduce the issued shares by 6,025,842 or 6,264,664 whichever is the incorrect figure.


Also there appears to be a shortfall of 500,000 shares unaccounted for in today’s announcement.

2,283,677 + 3,166,667 + 6,025,842 + 9,818,181 = 21,294,367 not 21,794,367 as we were told.

We pay a fortune for ASX compliance to Okap and mistakes or oversights like this shouldn’t be happening.

So who got the 500,000 unaccounted shares and why and when will we find out? Alternatively, when will the error be fixed?

If it helps discussions my reconciliation is based on company announcements …

399,223,204 shares on issue as at 21/11/11 (see Wolvenfontein acquisition ann).
21,794,367 issued on 27/2/12
421,017,571 shares on issue as at 27/2/12


There is at the least 500,000 shares unexplained and potentially around 6.5 to 6.7m shares unexplained at this stage depending on how you interpret the re-pricing for Socius.