I just cannot believe that people were believing the garbage BLA...

I just cannot believe that people were believing the garbage BLA were putting out and even when it was exposed they screamed and screamed and screamed.   Now that we have had the light turned onto this company, even Glaucus couldn't have guessed how much of a house of cards it was.

15% interest on 50 Million will kill this company, there will be nothing left (especially given that they said they had 30 million at 30 June and that isn't enough to keep the lights on???).   But the other really interesting element of the deal is that Oaktree will have the right to convert any parts of its loans onto equity up to 10% of the issued shares during the term of the loan at certain key dates.   Now some people have read into the deal that the 50million for 30% of the company values it at $x.   But thats not actually how this will work, Blue Sky will owe Oaktree $50,000,000 year 1, then 51,250,000 at the end of the first qtr, then $52,531,250 at the end of the end qtr, and so on until we get to the 7 year mark and Blue Sky now owe them between 95mil and 100mil depending on if they convert .   At certain points in the 7 year deal, Oaktree can convert any part of their loan into shares capped up to 30% of the company, in components no less than 10% of the company - at $1.87 per share.   So at 77 Million shares, that would mean an extra 33 million shares issued under this deal at $1.87 per share, that comes with a price tag of circa 60million, blue sky still have to repay the balance 30mill / 40 mill that is outstanding...

I also thought it was interesting that in one of the news reports the acting MD has stated that he isn't interested in the role long term and that the board will be making an announcement at the up coming meeting.