Yes @Twinvest it is all a bit too cute and slimy isn’t it? Tell...

Yes @Twinvest it is all a bit too cute and slimy isn’t it? Tell everyone it is $1.5M USD 'interest free' when it is really $1.78M USD worth of convertibles for the bargain price of $1.5M USD (around 18% compound interest) [on top of commitment shares and options]

In the Bergen announcement on 3^rd March ADO does not mention the 'uplift' in the face value of the convertibles, but the truth is in the Appendix 3B filed on the same date….

“… Consideration…
...US$1,500,000 for the Convertible Securities (face value US$1,780,000)...”

“...The face value of each Convertible Security is US$1.00 and the aggregate face value of all the Convertible Securities is US$1,780,000 (the Principal Amount). ... “

“….The Convertible Securities shall be convertible into new Ordinary Shares of the Company determined by dividing the Principal Amount by the lesser of: (a) 92% of the average of the five daily VWAPs per share during a specified period prior to the conversion date of the Convertible Security; or (b) 140% of the average of the daily VWAPs per share during the 20 trading days prior to 2nd March 2016. ....”


See my earlier post
http://hotcopper.com.au/posts/17200511/single


It is similar to the slimy and slippery way the details of the actual direct payout costs of Canadian CN deal were buried. You had to dig really hard to find that the Canadian CN deal cost about $1.2M AUD.
(€800,000 being €300,000 establishment costs and €400,000 commitment fee and €100,000 break fee taken in shares issued at $0.075 AUD per share[1,998,491 shares])

Hope the new guys are more transparent (honest?) with their communications and ASX releases.

Oh, yes... DYOR, IMHO, etc etc


From the 3/3/16 Appendix 3B...


































































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