Cheeky, That's an eye opening post if that is indeed how it...

Cheeky,
That's an eye opening post if that is indeed how it works. Per earlier post from Peter, it was said that $3.8M was put up as the swap. If so then that would reduce to monthly subscription price to $633,333 and then Jan and Feb in the table become $316K & $331K - depending on how column 5 is calculated.

I must say the final sentence of the announcement page 2 - "In no event would a decline in the share price result in any increase in the number of shares received by Lanstead, or any other advantage accruing to Lanstead" - must be surprising to many.

A swap is a swap is a swap - being an option their is always a counterparty to the trade and thus always a winner and a loser.

Could it be in the Qtrly that line 1.19 "Cash flows relating to financing activities - Other (provide details if material)" is where we will see this "refund" be shown in Mar Qtr? Looks like the Dec Qtrly has recorded ($435,925) but which no explanation (thus its not material I guess - but is about 25% of the cash at EoQ - perhaps substantial but not material)


So the takeway is price is suppressed till midyear when Swap agreement ends, then it moves up and get put before Dec 2016 which is when Lanstead can sell out??