ipo valuation around $11.5m, page-16

Out and about so don't have time to open and read the doc in full, but von, thank you for the above cut and paste.

I think this confirm my interruption what is going on. There is a reduction on the shares on issue in mt a.

The options held all by all will be converted at 40c each. This include Acea.

Look at the original announcement for the acea deal, soc along with some other private investor held shares in mt a. Now that is the interesting part, i am wondering maybe holders of mt a did a share swap with raf for soc shares in the last transaction where raf "sold" 8 m shares then on sold soc on market at whatever price they can get at and depressing the soc price. Or the existing holder did not want to hold shares in a listed entities and therefore sold it to raf. My guess.

The options, everyone was issued additional options including soc with 85 million options at the time of the acea deal.


On calculating the outstanding shares, can not include the option until it is converted.

It was one of the director or senior management of icp who broker the deal. Whom also is a majority holder in one of the co in top 20 of soc.

At the end if day, once mt a is floated, we will held an asset that is worth around 8m at listed price. We are not giving it away or buying something that we already own.

And yes, soc should hire someone with pr skills and logic. If that document came across my desk, i would taken the line out with the number of shares soc own in the new entity or further comment on the consolidation and exercise of option price. Since a number if ppl would already know of the deal ie lawyers accountant..... They have to announce it before someone else find out from someone else who know somone else who drive a cab and have access to hotcopper and tell everyone about it.