Essentially a CR at an 8.5% discount every month for the next two years and what Newregime would have called never ending selling pressure if Greenrock owned them.
So I suppose that's 1.647c at today's price. That's about an extra 420 million shares or being diluted around a third. Not of course that OBL will be stable at 1.8 for 24 months.. but you get the picture.
Can only hope for success in the Laurel to minimise the dilution. I don't think it's a horribly bad or good thing.. Just cements the constant CR's OBL has had into stone (and there might be even more from sophs and holders).
Saving grace is they might have had to offer slightly higher discounts to attract this money otherwise and if they can bring themselves to turn the tap off they don't necessarily have to go for the full 24 month stretch.
OBL Price at posting:
1.9¢ Sentiment: None Disclosure: Not Held
