No - they are paying a premium. They have a purchase agreement with Crosby. PKT will issue 50m shares at 7.5cents raising $3.75m. The balance of 14m to be acquired by IB Daiwa are either placed from existing PKT shareholders (off market) - possibly Roger Steinpreis holdings or some of Crosby HK's original stake. Crosby HK owns some of IB Daiwa in any case.
Its all good cheapstake. Don't read anything bad into it.
DYOR
PKT
pocketmail group limited
ib daiwa corporation placement in pkt, page-13
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