general chat, page-38

I think your $4 or $5 in a few years time maybe a bit optimistic. MMA have 75M options that in all likelihood could be exercised over the coming 20 months taking the shares on issue up from 163.5M to 238.5M. Unlisted as they are, they are very valuable. The first 50M 30c ($15M) expire in August 2024 and the remainder 25M 60c ($15M) expire in August 2025. That is almost a 50% dilution, not including any dilution that occurs in this quarter.

RDM looked after the investors taking part in the MMA float and I can't help thinking that MMA will do the same with current shareholders in this coming capex. A 16.35M share capex (1 for 10) @ 22c raises $3.6M or $4.1M @ 25c if staying below the 10% rule issue to all shareholders (minus RDM's 83.5M share holdings) should do the trick with Crescat mopping up any shortfall. Maybe even throw in a 1 for 2 unlisted option exercisable in 2026 to keep the money rolling in.

I was not a fan of the unlisted options when MMA floated but their unavailability to trade on the open market appears to add some support to the share price by requiring speculators to buy the fully paid shares.

I suspect the strength in the share price, albeit on low volume is the pump before the capex. Pumping to 30c maybe for 25c capex or 26.5c for a 22c capex??? I think 22c has a good ring to it!