Having been on the board of a public (unlisted) company I get suspicious when seemingly unimportant things get changed for no reason. I always found someone had a motive.
So looking into the smoke around the bringing forward of the Board meeting to October 19th I'm looking for the fire.
Hey, in this Mt Kellett Capital deal, they can start converting their bonds into shares based on the lower of the 30 day VWAP or $1.25 from October 15th. Gee it would be in MK's interest to have the share price so low - lucky buggers. Does it (the moving forward of the meeting) give the board breathing space before the you know what hits the fan?
Who is MK Capital anyway? If they convert all their shares how much of the company will they own and to my suspicious probiscis - will they get control?
Then again as a long term holder of LYC, maybe I'm just old, impatient and cranky.
board meeting change
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| LYC (ASX) Chart |