Under the 2012 "share plan" PB took the 6 mill shares allocated to him as it appears did the other alligable employees take their allocation. The surplus available is said to have been offered to the major holders in Q1 2019 and Vinsom stumped up for 14,538,235 available shares. I honestly cant tell if these shares are the same or additional shares to those taken up by directors and employees in 2012. There seems to be an additional 10% available at some future date but i cant see how it applies here. Shows my inability to understand the documentation or my ignorance of the process.
PB has increased his holding recently with the exercise of options and the on market purchase. His current declared interest is now into the 13 mill plus area. This could be subject to delayed change in interest but i dont know that yet.
I see that VINSOM Groups holding now totals 110,693,082 shares or 11.49% of the companys issued shares. The total cost of the Vinsom Groups 3 (three) seperate share aquisitions is now $11,235,000.98 with an average cost per share now at 9.85 cents. This goes a long way to explain our current SP.
The 2012 calculated cost/ share under the incentivised share puchase plan was 8.47 cents/share and ironically the share price to the VINSOM Group of the available or unallocated shares under the 2012 share purchase plan was 8.5 cents/share based on VWAP calculation in April 2019.
I am interested in the comment made in the in the 7 May 2019 announcement that the deal was done on 18 April 2019 but funds not processed untill 5 May 2019 with delays attributed to "internal regulations in India" outside of parties control. The actual purchaser of the share is the wholly owned subsidiary "V.M Salgaocar &Bro Singapore Pte Ltd " which is a Singaporian registered company not an Indian registered company. This may have significance down the track as Australian offshore investment rule are more favourable to Singaporian Co/s than Indian registered Co/s. Might be nothing but noted in any event.
I really dont understand were all this goes. Some posters im sure can make better sence of it than me. I just hope this puts an end to all loose ends and we continue getting positive unambiguous announcements like todays McMahon infrastructure tender. Alice Springs economy will love that announcement and its another clearvstep to construction.
TNG Price at posting:
10.5¢ Sentiment: Hold Disclosure: Held
