unless my calculations of the shares are wrong (and they very well could be) doesn't lazarus control 22% of the stock?
the company needs a minimum subscription of $37m from the rights issue to (a) get the placement and (b) the loan; don't they?
If lazarus doesn't participate i think the amount tops out at $30m.....
he HAS to participate (maybe not him personally but his companies need to)
Or maybe i misread some of the info........
Company Valuation 101 - Question, page-282
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