It means selling heads for 6c to pay for converting oppies at 2.6c into a regular share. One share converts 2 IMUOA into 2 shares. Too compelling to ignore for those who got them for free or at a very low price and haven't sold them. Will keep the sp back, let's hope not sub 6c. That selling pressure kept NVA sub 5c for 4 months - now 4x that level at about 20c. Same will happen here in December, once the selling pressure is gone the sp got one hurdle less to jump over.
Worst case:
The underwriter gets the remaining oppies , maybe 170m ? , and dumps them straight away for anything above 2.6c
But LC reassured me on the phone that a special agreement with the one BP client who gets them all is in place preventing that from happening.
She did not specify the confidential conditions but confirmed it is 100% made sure a dumping will not occur.
Bad case:
1. 100m heads will be sold to convert 200m IMUOA into 200m newly issued heads
2. If so, max of 100m newly heads will be dumped again (5-6c) to leave those converters with the same holding as before the converting.
Using NVA as an example: 1. did happen, 2. not noticeable
Best case:
Most IMUOA / IMUOB will be converted using additional funds by holders and will be kept LT.
Hard to predict the % for that.
I bought more heads at the close, took another one for the team to keep the sp at 6c to make chartists happy - ok, bought them for a profitable trade as I feel there will be a cracker anns on Monday. Hope I will be right with that.
GLTA
Charting Only., page-2156
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Last
6.3¢ |
Change
-0.006(8.09%) |
Mkt cap ! $463.0M |
Open | High | Low | Value | Volume |
6.9¢ | 7.1¢ | 6.2¢ | $3.355M | 51.54M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
35 | 2044285 | 6.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
6.3¢ | 359778 | 6 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
35 | 2158913 | 0.062 |
17 | 1904746 | 0.061 |
30 | 4911890 | 0.060 |
8 | 974274 | 0.059 |
16 | 1183629 | 0.058 |
Price($) | Vol. | No. |
---|---|---|
0.063 | 513023 | 6 |
0.064 | 1008130 | 9 |
0.065 | 749996 | 8 |
0.066 | 667346 | 7 |
0.067 | 858571 | 6 |
Last trade - 15.48pm 03/09/2024 (20 minute delay) ? |
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