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
5.1¢ |
Change
-0.002(3.77%) |
Mkt cap ! $373.3M |
Open | High | Low | Value | Volume |
5.2¢ | 5.2¢ | 5.0¢ | $669.7K | 13.07M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
6 | 1074997 | 5.1¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
5.2¢ | 1209633 | 6 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 549997 | 0.051 |
37 | 2917971 | 0.050 |
27 | 3229788 | 0.049 |
17 | 1256167 | 0.048 |
10 | 897463 | 0.047 |
Price($) | Vol. | No. |
---|---|---|
0.052 | 707133 | 4 |
0.053 | 1043703 | 8 |
0.054 | 810794 | 4 |
0.055 | 1024326 | 11 |
0.056 | 633333 | 4 |
Last trade - 16.10pm 05/07/2024 (20 minute delay) ? |
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